Saudi Arabian and Russian Energy Ministers are expected to hold informal consultations with the OPEC and its allies (OPEC+) Joint Ministerial Monitoring Committee (JMMC) on Saturday, Nov 28, Russia’s news agency – TASS reported on Friday.
The official OPEC+ ministerial meeting is scheduled for Nov 30 and Dec 1. Its largely expected that the alliance would delay a hike in the oil output by three months.
Photo: Merco Press
Market reaction
WTI remains unimpressed by the above headline, dropping 1.50% on the day to trade around the $45 mark. The oil rally lost steam thanks to the resurgence of oversupply concerns and doubts about the coronavirus vaccine, which dampened the market mood.
Reprinted from fxstreet, the copyright all reserved by the original author.
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