RE:RE:OPEC STICKS TO PLAN....It's the stauts quo giving them time to see how the end of the year plays out. They have a meeting Feb 1st where they can decide to change production.
HighOctane89 wrote: While it's disappointing that OPEC didn't cut production , it is understandable . Another cut would have generated extra political tension with western countries and with China showing signs of more rapidly returning to normal it is probably prudent to see how fast demand ramps up . Xi has admitted publically that Omicron is far less lethal than the original strain . Its hard to ignore the fact that the World Cup fans are maskless and after 10 months of war in Ukraine , not one report of covid in the war zone . Everyone is getting back on track and with it , so should demand .
The paper market might try to sell off WTI on Monday but whether it has any legs will be tempered by dropping temperatures and increasing activity .