OPEC Monthly Oil Market Report October 2019

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    The OPEC Monthly Oil Market Report (MOMR) for…



    OPEC to Consider Deeper Oil Cuts at Dec Meeting Due TO Weak Demand Outlook

    – Reuters citing four OPEC+ sources:

    OPEC and allies to consider deeper oil cuts at December meeting due to demand growth outlook in 2020
    “It is early now, things will be clearer in November”

    First steps will be to push for better compliance
    “Of course deeper cuts are an options, but some things should happen before that”
    “To reassure the oil market, it would be better to deepen the cuts” due to soft winter demand
    Iraq and Nigeria are among the countries that have failed to properly comply with cuts
    Saudi Arabia has pumped somewhere around 300k bpd below its quota

    With oil futures expiration the WTI price ahs been rising and rose to $54.65 on the news up $1.44


    Russian energy minister, Alexander Novak – No official proposals from OPEC+ members to change deal

    Says all OPEC+ members need to comply with the current deal in full

    This doesn’t agree with yesterday’s headlines of potential deeper output cuts by OPEC. Thr next OPEC+ meeting in December.

    The issue of compliance as Novak noted above as wel was mentioned yesterday.l.Deeper cuts are pointless if not 100% compliance.

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