JWN Energy Group’s Daily Oil Bulletin
10 December 2018
What a difference one OPEC+ meeting makes. The group — comprising OPEC’s 14 members and its 10 non-OPEC partners — rubber-stamped a backroom deal between Saudi Arabia and Russia to increase production by roughly one million bbls/d when it met in Vienna, Austria in June. They did so to avoid a possible crude price spike with the U.S. reimposing economic sanctions on Iranian oil exports. OPEC also agreed to immediately admit the Republic of the Congo to the organization, making it the fifteenth member.