OPEC cuts oil production amid oversupply, slow demand: JBC Energy


The market is cautiously awaiting the outcome of the G-20 meeting when financial leaders meet in Buenos Aires on Nov. 30 and Dec. 1 to resolve a trade dispute between Washington and Beijing. OPEC leaders will meet in Vienna on Dec. 6 to discuss how to manage oil production, supply the excess, and slow demand.

"What's really in the oversupply are the barrels of light oil that are coming out of the US," Benigni said. "So the expectation or hope for OPEC right now would be for prices to fall and demand to return."

The policy is increasing pressure with US President Donald Trump pushing for low oil prices and urging OPEC to reject cuts in output that will raise prices when the group meets with producers including Russia, which does not is a member of OPEC and the world. the second largest producer and exporter of crude oil.

"The question would be: is Russia ready to cut $ 60?" Benigni said.


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