Oil Markets Are Ignoring Imminent Production Cuts By 3 OPEC Members

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Oil Markets Are Ignoring Imminent Production Cuts By 3 OPEC Members
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According to OPEC, the entire over-produced volumes will be fully compensated for over the next 15 months through September 2025

Oil prices edged higher in Wednesday's intraday session, with Brent crude for November delivery up 2.12% to trade at $70.66/barrel at 1446 hrs ET while WTI crude for October delivery gained 2.39% to change hands at $67.32/barrel. The reversal in the oil price selloff came amid more shutdowns by oil and gas operators in the Gulf of Mexico with hurricane Francine expected to make landfall Wednesday afternoon or evening along the Louisiana coastline.

StanChart says the current extreme in positioning is based on incorrect expectations of a looming crude oil surplus coupled with weakening economies in China, U.S. and Europe. More importantly, traders are overlooking the imminent removal of even more barrels from the markets in the coming months. Back in July, Russia, Iraq and Kazakhstan submitted their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024.

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