Diplomatic crisis

OPEC+ members did not achieved significant progress over the weekend to agree on a production policy going forward. The group is meeting today for another round of talks, where Saudi Arabia and Russia will try to persuade the UAE to join the rest of the group in their production agreement extension. ICE Brent prompt contracts remained elevated, at 76.3 $/b, likely pricing an uncertain outcome of the OPEC meeting. Crude markets remained quite stable over this period, with September out of the money calls and puts options not moving much, despite the remote threat of the UAE’s departure from the group of producers. 

Global crude inventories, kpler
Share this news :

You might also read :

October 11, 2021

Mixed evolution yesterday

Supported by higher demand, European spot gas prices increased yesterday, partially filling their discount against near curve prices. These latter were down overall, pressured by…
March 16, 2021

European prices weakened

European gas prices dropped yesterday, pressured by the (slight) upward revision of temperatures for this week. The drop in parity prices with coal for power…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

🏆 You like our solution ?

Vote for us at the 2024 Energy Risk Commodity Rankings, in the Research category!

Thanks in advance.

Don’t have an account yet?