J.P. Morgan analysts expect OPEC and Russia to expand production cuts by 300,000 barrels a day, while others see the current deal extended.
OPEC and its partners, including Russia, are likely to extend for three months their current agreement to curb production by 1.2 million barrels a day.
Saudi Energy minister Prince Abdulaziz bin Salman shakes hands with staff during his visit to an Aramco oil facility one day after the attacks in Abqaiq, Saudi Arabia September 15, 2019.by three months when they meet later this week, but J.P. Morgan analysts expect further cuts of another 300,000 barrels a day.
Goldman Sachs oil analysts expect OPEC plus to keep its production cut at current levels and to extend them through June, when the OPEC plus group is next scheduled to meet. The Goldman analysts expect oil prices to be choppy around this week's meeting because there is so much uncertainty about what the producers will do.
The J.P. Morgan analyst said Saudi Arabia would like to see a higher price, and its fiscal 'comfort level' for near-term Brent is around $60 to $70 per barrel. "With several participating countries still not meeting their commitments, Saudi may not want to guarantee market balance on its own, delaying an extension to secure greater compliance first. This push for compliance may be further complicated by Russia's comments that its quota should exclude condensates," the analysts wrote.
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