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OPEC meets next week – response to US reserve release awaited

The next OPEC and non-OPEC ministerial meeting will take place on December 2, 2021.

An excerpt from RBC’s note on Biden’s SPR post on Tuesday:

  • Next week’s OPEC + meeting will be crucial in determining the effectiveness of Tuesday’s announcement
  • OPEC + is very likely to stick to its existing plan to make production increases next week, but Saudi Arabia could push to cut the plan

Keep an eye and a listening ear for the expected responses from OPEC + in the days to come. RBC stating that Saudi Arabia might want to cut back on production growth would be a very aggressive response. If they do, it will be expressed in terms of the drop in demand expected due to new outbreaks of COVID-19 and associated restrictions, especially in Europe. Still, recalling the release following the release of SPR would be a huge slap in the face for the United States.

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