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Vienna 5-6 December: Decision time for OPEC and its partners

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03 December 2019

Vienna 5-6 December: Decision time for OPEC and its partners

Report summary

On 5-6 December 2019, OPEC+ gathers in Vienna to decide if the group should roll over its production restraint agreement or consider deeper cuts. The current agreement to reduce output by 1.2 million b/d runs to end March 2020. The idea of deeper cuts and/or increased adherence has been broached, but that is a more difficult option for the group to achieve given the persistent non-compliance of a few in the agreement. The need for production restraint is clear in our Macro Oils short term forecast for 2020. Slower US production growth next year is not enough to offset the ongoing oversupply.

Table of contents

Tables and charts

This report includes 3 images and tables including:

  • OPEC production adherence – November 2019 estimate
  • OPEC and Russia production targets as of December 2018 meeting (‘000 b/d)
  • Implied stock change: base case vs increased compliance

What's included

This report contains:

  • Document

    Vienna 5-6 December: Decision time for OPEC and its partners

    PDF 811.17 KB

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