As we edge closer to 2024, oil markets have increasingly begun to question what OPEC’s strategy for next year might look like. Under the current arrangement, production is due to rise by 2.375mbd in January if all producers chose to utilize their quotas. Few market participants expect the taps to be turned on come January, but noises are being made within the producer group about next year’s volumes, with the decision to postpone this Sunday’s meeting adding further downwards pressure on oil prices.
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