OPEC+ Meeting Nov 26

[dan_s]

Bloomberg note this morning -- While it’s not the most likely outcome of this month’s OPEC+ meeting, the oil market is underestimating the chances of deeper supply cuts, JPMorgan’s head of energy strategy Christyan Malek says in an interview.
* “The market’s probably assuming very little chance of that
happening, I’d say it’s much higher than that – not as a base
case but as a scenario”
** Deeper curbs would be “in order to get ahead of potential
weakness in the first half of next year”
** “We may need to see” a cut “given where the balances are,
particularly given the demand trending”
* “There’s a view that Saudi is tapped out – I don’t believe
that, I think there’s more flex if they wish to cut”
* “We could see them do sizable cuts from here; having said
that, I think it’s more likely they’ll want to socialize them
among their OPEC peers – a collective cut rather than one on
their own.”
* READ: OPEC Watchers See Saudis Extending Oil Supply Cuts Into
2024
* NOTE: Full OPEC+ alliance meets on Nov. 26