- OPEC and its allies will meet today to discuss their supply policy amid planned SPR releases and the spread of the omicron variant
- Up until this point, OPEC+ has taken a cautious approach on adding supply to the market, citing uncertainty around COVID-19
- On Wednesday, OPEC’s technical committee forecast that markets face a surplus in the first quarter that, although smaller than initially thought, remains substantial (Bloomberg)
- AEGIS notes that analysts’ widely expect OPEC+ to defer a modest increase in output
- The EIA reported a 909 MBbl decline in U.S. crude inventories for the week ended November 26, in line with the average analyst estimate
- Gasoline stocks rose by a rather large 4 MMBbl while distillate stocks added 1.1 MMBbl
- Stocks at Cushing rose by 1.1 MMBbl