OPEC is almost certain to maintain its official output ceiling at 30 million barrels per day (bpd) at its meeting on Thursday. This decision would not preclude some cuts in production in the coming months if demand continues to weaken, since actual output is well above its notional target. But any reduction in OPEC supply is unlikely to be enough to prevent further falls in the oil price, even if these falls take the OPEC basket (and Brent) well below the informal Saudi “target” of $100 per barrel.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services