• The OPEC+ is to consider whether to deepen oil output cuts at next meeting on November 26.
  • The existing curbs don't seem to be enough
  • OPEC considering additional oil supply cuts due to a nearly 20% price drop since late September.
  • Concerns about future demand and potential surplus despite OPEC+ cuts and Middle East conflicts.
  • OPEC+ pledged total oil output cuts of 5.16 million bpd, 5% of daily global demand, starting in late 2022.
  • Some sources suggest current cuts may not be enough, deeper cuts might be discussed.
  • Market volatility rising ahead of Nov. 26 OPEC+ meeting.
  • OPEC's monthly report cites strong oil market fundamentals despite the price drop.
  • International Energy Agency predicts lower 2024 demand growth and potential market surplus in Q1.
  • Debate among OPEC members on whether more cuts are needed; some say it's too early to decide.
  • OPEC does not have an oil price target; members heavily rely on oil revenue.
  • Saudi Arabia's extended oil cuts raise concerns about economic contraction.
  • Saudi Arabia emphasizes the need for strong compliance with production cuts among all members.
  • In June, OPEC+ agreed to limit supply into 2024, with Saudi Arabia extending its voluntary production cut until the end of 2023.
  • Some analysts expect Saudi Arabia to maintain the voluntary cut through at least Q1 2024.

The price of WTI crude oil is trading up $2.20 at $75.75.

Mom Tthe price still remains below its 200-day moving average at $78.13. It's 100 day moving average is up at $82.29. Getting above those moving averages as needed to increase a bullish bias.