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(28 Nov 2023, 14:38)

Crude sees mild uptick in Asia

Crude oil futures experienced a slight uptick in Asia today, yet the commodity is poised to conclude the month with a nearly 7% decrease, extending losses from the previous month of over 10%. The recent volatility in oil markets stems from delays and disputes among OPEC+ members regarding output quotas, creating uncertainty in the supply outlook. The OPEC+ meeting, initially scheduled for an in-person gathering, has been shifted to an online format due to intense disagreements over production levels within the cartel, against the backdrop of persistently low oil prices. The rescheduled conference on November 30 reflects a four-day delay from the original plan. There are high expectations for Saudi Arabia and Russia to extend voluntary supply cuts until at least Q1 2024, with speculation about the possibility of deeper production cuts.
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