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Amid a flurry of unrest amid the OPEC+ oil group, a rollover of the prior agreement is the likely scenario, with deeper production cuts being less likely, four OPEC+ sources told Reuters on Tuesday
Brent moved above $80 a barrel, thanks to expectations that OPEC+ could deepen and extend output cuts at its Thursday meeting amid softer global demand.
The Saudi-led alliance hasn’t been able to reach an agreement with Angola and Nigeria, which are pushing back against lower quota limits for 2024, which reflect their diminished production capabilities
Prices have been volatile since a surprise attack by Hamas on Israel last month.
An OPEC+ source told Reuters on Monday that the expanded cartel is considering bigger oil output cuts during its November 30 meeting