All eyes are on OPEC this week as the oil exporters group gathers for its biannual meeting in Vienna, joined by oil ministers from up to 20 non-OPEC countries. The main question facing ministers is whether to extend last year's landmark production deal beyond its expiry next March.
S&P Global Platts will have a full team of reporters on the ground, pursuing the key protagonists for insights and scrutinizing the formal proceedings at OPEC headquarters on Thursday.
Thursday will also see a potentially important development in the EU carbon market, with the EU Climate Change Committee set to vote on the so-called Brexit-safeguard measure.
Also this week, the Global Forum on excess steel capacity, consisting of the G20 member states and other OECD countries, meets for the final time in Berlin to discuss the surplus production that still pervades the global market.
Will OPEC extend its production cut deal beyond March? You can reach out to us by tweeting with the hashtag #PlattsMM.
Video Transcript
Market Movers Europe, Nov 27 - Dec 1: All eyes on OPEC deal extension talks; EU votes on UK's post-Brexit carbon allowances
With Pascal Dick, Commodity Associate
In this week’s Platts Market Movers, we look at OPEC’s upcoming meeting, the EU Climate Change Committee’s vote on the so-called Brexit-safeguard measure and the steel industry’s final forum to tackle overcapacity.
All eyes are on OPEC this week as the oil exporters group gathers for its biannual meeting in Vienna, joined by oil ministers from up to 20 non-OPEC countries.
The importance of the decisions made in Vienna can hardly be overstated. The countries attending, including OPEC members, Russia and more than a dozen others, account for over half of the world’s oil production.
Announcements by the group can cause immediate movements in oil prices, in turn impacting other commodities, and wider markets.
The main question facing ministers is whether to extend last year’s landmark production deal beyond its expiry next March. The deal, which came into force in January and has been widely judged a success with oil prices currently around $60 a barrel, aims to cut output by the 24 participating countries by 1.8 million b/d.
Ahead of the meeting, OPEC kingpin Saudi Arabia has been pushing for a nine-month extension, but Russia, responsible for 12% of global oil production, is keeping its cards close to its chest.
Platts will have a full team of reporters on the ground, pursuing the key protagonists for insights and scrutinizing the formal proceedings at OPEC headquarters on Thursday.
Our question for social media this week is: Will OPEC extend its production cut deal beyond March? Join the conversation on Twitter, using #PlattsMM.
Thursday will also see a potentially important development in the EU carbon market, with the EU Climate Change Committee set to vote on the so-called Brexit-safeguard measure.
The measure, which is likely to be passed, will mark and invalidate carbon allowances issued by the UK after January 1, 2018 for the EU Emissions Trading Scheme. This creates price uncertainty and could lead to a two-tier market for carbon allowances.
Also this week, the Global Forum on excess steel capacity, consisting of the G20 member states and other OECD countries, meets for the final time in Berlin to discuss the surplus production that still pervades the global market.
China has succeeded in reducing capacity by 115 million metric tonnes a year, but the OECD puts China's excess significantly above 500 million mt and politicians have criticized the forum’s lack of success thus far.
Thanks for kicking off your Monday with us and have a great week ahead.