- Oil is trading slightly lower, around $71, following a seventh consecutive weekly decline last week
- The IEA and OPEC will both release their monthly reports this week, detailing their outlook on supply and demand
- The Federal Reserve will be holding its December FOMC meeting this week
- Iraq cut its crude selling price to all regions, following Saudi Arabia’s price cut
- Citi says OPEC+ will need to maintain supply cuts through 2024 (BBG)
- To keep oil markets balanced, OPEC+ will have to continue its supply cuts throughout 2024, according to Citigroup
- Citi’s global head of commodities research said, “They can balance this market and keep prices at $70 to $80 if they all work together.”
- The bank added further that global oil markets could face a surplus of 1 MMBbl/d during the second quarter and 600 MBbl/d throughout 2024 as a whole
- If OPEC were to bring back all production, the bank expects prices to crash by as much as 50%