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OPEC Kicks Off 2021

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OPEC Kicks Off 2021

Matt Sterett
and
Pierre Follea
Jan 4, 2021
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OPEC Kicks Off 2021

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“A reminder that OPEC+ has switched to monthly (full) ministerial meetings in early 2021” - Javier Blas


Editor’s note: We’re a day early this week - OPEC+ is meeting later this afternoon. It looks to be light week for oil…


OPEC+ MEETS AGAIN.

  • Meeting time: 2PM (London time)

  • Meeting link

  • Live coverage: Javier & Amena

Later today, OPEC+ is meeting in Vienna, where there is a (small) risk that they will choose to ease production cuts.

The conflict:

  • Saudi & others want to err on the side of caution

  • Russia wants to ease cuts (produce more)

Crude is up slightly, on the market expectation that cuts will be held.

As it currently stands, the cartel is holding back ~7MM BOPD to compensate for the decline in demand caused by COVID.

Regardless of what happens later today, expect that OPEC+ will be in Q1’s headlines.

The group now plans to meet monthly.

If cuts are held later today, we’ll revisit in ~4 weeks time -


OTHER NEWS.

  • Asian LNG prices are approaching the $20/mmbtu level

  • Chinese Oil Majors may be next to be delisted


Hope y’all enjoyed the holidays - we’ll be back on Tuesday the 12th -

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