Ahead of the delayed OPEC+ meeting on Nov. 30, there are indications oil supply is running ahead of demand, highlighting the thorny challenge facing the cartel as it prepares to set output policy for 2024.
With futures well down from September highs, widely watched timespreads for global benchmark Brent and U.S. counterpart West Texas Intermediate have softened, signaling ample supply, while U.S. stockpiles have jumped. In addition, other more esoteric indications in the physical market, including differentials between specific grades, have been flashing warnings.
