Post by
kavern23 on Nov 30, 2023 11:58pm
OPEC Meeting...
Well...I think OPEC would have a stronger oil price right now if it didnt delay the meeting just to release todays news. It needed to be forced cuts and not county volenteerary cuts.
Oil was up 1.60 and then the market digested the fact these cuts are country voluntarary and went bacl down fast. I think same news would have been digested better if they didnt cancel the meeting.
The big issues off the bat with these cuts is Iraq.
Iraq is already over producing quotas by 110k oil barrels per day right now and it is expected to voluntarary in 2024 cut from current quota by over 200k. The problem with this is Iraq has 500k per dat of Kurds oil shut in with a pipleine to turkey over a dispute since March.
Iraq actually needs to bring this oil back to market fast as Kurds teachers and gov workers are not getting paid, need money soon and lots of it.
Iraq cuts wont be easy as already have to turn kurd oil on at some point.