Oil Falls as Market Doubts Further OPEC+ Cuts
By Adedapo Adesanya
He accused commentators of wanting to be “conspiratorial” and failing to understand the deal. The Saudi prince suggested that this would change once “people see the reality of the deal”.
The prince emphasized that the 2.2 million in output cuts would be delivered.
“I honestly believe that the 2.2 million will overcome the usual inventory build that usually happens in the first quarter,” he told Bloomberg, noting that “we wanted the market to know there would be a phased-in approach” because the cartel cannot predict what the market situation will be in the first three months of the New Year. That required the cartel to “be careful about what language we use”.
The market was also weakened by surveys showing global manufacturing activity remained weak in November on soft demand, with factory activity in Europe contracting, while there were mixed signs on the strength of China’s economy.