OPEC members will be gathering at its headquarters in the Austrian capital along with other major oil producers, most notably Russia, to extend a production cut agreement which came in to force last January and is due to end next March. Though most analysts anticipate OPEC will continue the deal by another nine months until the end of 2018, Russia may drag its feet after signalling it prefers a shorter arrangement that factors in a potential ramp up in production by US shale producers. Meanwhile, the US Energy Information Administration revealed Wednesday that domestic crude stockpiles declined by -3.40 million barrels during the week ended November 24th, outperforming projections for a dip of -3.15 million barrels from the consensus of analysts. In the meantime, Brent crude futures were last seen trending around the $62.70 per barrel-mark.
Oil Investors on Tenterhooks Ahead of OPEC Meet
Daily Analysis - 30/11/2017