{"id":66183,"date":"2023-11-17T17:33:22","date_gmt":"2023-11-17T22:33:22","guid":{"rendered":"https:\/\/olduvai.ca\/?p=66183"},"modified":"2023-11-17T17:33:22","modified_gmt":"2023-11-17T22:33:22","slug":"opec-considering-additional-1-million-barrel-oil-production-cut-amid-outrage-over-gaza-war","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=66183","title":{"rendered":"OPEC+ Considering Additional 1 Million Barrel Oil Production Cut Amid Outrage Over Gaza War"},"content":{"rendered":"
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OPEC+ Considering Additional 1 Million Barrel Oil Production Cut Amid Outrage Over Gaza War<\/a><\/h3>\n<\/header>\n
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Two days ago, JPMorgan\u2019s\u00a0head of energy strategy\u00a0Christyan\u00a0Malek warned that amid the recent plunge in oil prices, driven as much by shorting CTAs (who today are in full-blown short squeeze panic mode) as the BIden admin, the\u00a0oil market was underestimating the chances of deeper supply cuts during this month’s Nov 26 OPEC+ meeting.<\/strong><\/p>\n

\u201cThe market\u2019s probably assuming very little chance of that happening, I\u2019d say it\u2019s much higher than that \u2013 not as a base case but as a scenario\u201d Malek told Bloomberg in an interview, adding that deeper curbs would be\u00a0“in order to get ahead of potential weakness in the first half of next year.”<\/em><\/strong><\/p>\n

\u201cWe may need to see\u201d a cut \u201cgiven where the balances are, particularly given the demand trending.\u201d\u00a0<\/strong><\/em>And while \u201cthere\u2019s a view that Saudi is tapped out”, Malek said that he doesn’t believe that:\u00a0“I think there\u2019s more flex if they wish to cut.\u00a0We could see them do sizable cuts from here;\u00a0<\/strong>having said that, I think it\u2019s more likely they\u2019ll want to socialize them among their OPEC peers \u2013 a collective cut rather than one on their own.\u201d<\/em><\/p>\n

And so, from JPM’s strategist to OPEC+’s ears because moments ago the\u00a0FT reported\u00a0<\/a>that what until recently was unthinkable, is suddenly all too possible and largely thanks to the (mostly) Arabic resentment at what Israel is doing in Palestine: according to the FT, not only is Saudi Arabia prepared to prolong oil production cuts well into next year but\u00a0Opec+ is weighing further reductions in response to falling prices and rising anger over the Israel-Hamas war.<\/strong><\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n

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OPEC+ Considering Additional 1 Million Barrel Oil Production Cut Amid Outrage Over Gaza War Two days ago, JPMorgan\u2019s\u00a0head of energy strategy\u00a0Christyan\u00a0Malek warned that amid the recent plunge in oil prices, driven as much by shorting CTAs (who today are in full-blown short squeeze panic mode) as the BIden admin, the\u00a0oil market was underestimating the chances […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[1535,588,25704,4318],"class_list":["post-66183","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-hydrocarbons","tag-oil","tag-opec-2","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/66183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=66183"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/66183\/revisions"}],"predecessor-version":[{"id":66184,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/66183\/revisions\/66184"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=66183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=66183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=66183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}