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Here’s what to expect from today’s OPEC meet

OPEC’s meeting in Vienna, which kicks off today, will decide the cartel’s future course of action. We look some major developments in the oil world, which could be taken up at the meeting

December 06, 2018 / 10:59 AM IST

Ruchi AgrawalMoneycontrol Research

- Strong expectations of a supply cut but scepticism over the final deal
- Estimation of a 1-1.4 million barrels per day production cut
- Uncertainty on whether Russia would be willing to forego barrels - Qatar announced plans to exit OPEC, citing limited benefits from the cartel

Crude oil prices have seen a sharp plunge in the last two months, which impacted fortunes of oil exporting countries. The softness was due to: 1) Expectations of a slowdown in demand growth; 2) Softness in implementation of Iranian sanction, with US granting waivers to eight countries; 3) Rapidly rising supply; 4) An uptick in the US reported inventories; and 5) Covering of hedged exposure by banks.