Weekly Fundamentals - OPEC Refrained from Output Cut

As expected, the OPEC announced no change in production level at its general meeting. While the members were split on whether an output cut should be made, the accompanying statement concluded that the group will maintain its current production and "closely monitor market developments in the coming months". Joint production quota of 30M bpd was not mentioned anymore.

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Weekly Fundamentals - OPEC Refrained from Output Cut