By Tyler Durden
Update (1030am ET): As previewed below, the brief OPEC+ meeting concluded without surprises and by rejecting the plea from Biden and other energy starved countries to pump more, instead sticking to its previously approved plan of a 400,000 barrel-a-day production hike for December. Thatâs a pace that major consumers say is too slow to sustain the post-Covid economic recovery, with the U.S. asking for as much as double that amount.
The next OPEC+ meeting date is set for Dec 2 where the cartel and assorted hangers on will likely ignore Biden’s pleas for more output again unless oil is trading in triple digits by then.
Update (10:10am ET): As widely expected, oil producers have completely ignored Biden’s pleas and/or demand for an output hike, and a panel of OPEC+ ministers recommended sticking to their current pace of gradual production increases: after a brief video conference, the groupâs Joint Ministerial Monitoring Committee (or JMMC), which oversees OPEC+ production cuts, recommended a 400,000 barrel-a-day supply increase for December, delegates said. Thatâs a pace that major consumers say is too slow to sustain the post-Covid economic recovery, contributing to an increase in crude prices of about 30% since August.
