OPEC will reduce oil production in the face of oversupply and slow demand: JBC Energy

The market is cautiously awaiting the results of the G-20 meeting when financial leaders will meet in Buenos Aires on November 30 and December 1 to resolve a trade dispute between Washington and Beijing. OPEC leaders will meet in Vienna on December 6 to discuss the management of oil production, overabundance of supply and slowing demand.

"What is really surplus is the barrels of light crude oil coming out of the United States," Benigni said. "So, hope or hope for OPEC at the moment would be that prices go down and demand can come back."

Politics is stepping up pressure, US President Donald Trump pleading for low oil prices with his tweets and urging OPEC to reject production cuts that will raise prices when the group meets with producers, including Russia, non-OPEC country and the world. second largest producer and exporter of crude oil.

Tweet: Oil prices are down. Awesome! Like a big tax break for America and the world. Enjoy! $ 54, was just $ 82. Thanks to Saudi Arabia, but let's go lower!

"The question would be, is Russia ready to cut to $ 60?" Benigni said.