With Prices Stuck at Around 40-45/B, OPEC Is More Likely to Cut Output Further

摘要

The prices of the light reference crudes on the futures markets had rallied slightly at the time this edition of AOG went to press, but remained stuck within the 40-45/b bracket, with light sweet crude towards the bottom of this range and Brent towards the top. Each day that this situation lasts, which is very unfavorable for producing countries, increases the probability that OPEC will decide in March to further reduce its crude oil production, after already taking decisions to that effect in September, November and December. The OPEC production ceiling has been cut by a cumulative 4.2 million b/d relative to the organization's effective output in September, although this reduction has not necessarily been implemented in full. The next meeting of the OPEC ministerial conference is scheduled to take place in Vienna on 15 March.