“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 -