There were already some murmurs about this since Friday, so this just adds credence to the notion. As a reminder, OPEC+ will be discussing oil output policy next on 1 December i.e. this coming weekend. OPEC+ had already said that they would delay the planned start to easing production cuts from 1 December to 1 January next year. This comes as the bloc deems “market conditions” to be as not supportive of adding supply.
The question now ahead of the meeting this weekend is will they delay those production cuts further into later in Q1 2025. It wouldn’t be the most popular decision among certain members but kicking the can down the road might just be the right move overall. That especially since demand conditions haven’t played out as they would hope.