Fundamental analysis
25 November, 2021
Oil prices edged down on Thursday with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand. All eyes are now on the Organization of the Petroleum Exporting Countries, Russia and allies, together called OPEC+, who are due to meet next week to discuss oil demand and supply. The group has been adding 400,000 barrels per day of supply since August unwinding record output cuts made last year when pandemic curbs slammed demand. OPEC+ will meet on Dec. 1-2 to decide whether or not it will raise output by another 400,000 bpd in January. Three sources told Reuters OPEC+ is not discussing pausing its oil output increases, despite the decision by the United States, Japan, India and others to release emergency oil stocks.
