Oil prices rise over 2%; focus on OPEC+, storm-hit Kazakh output

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Summary:

• Oil prices surged 2% amid speculation that OPEC+ might extend or deepen supply cuts, alongside a storm-induced decline in Kazakh oil output and a weakened U.S. dollar; upcoming talks on Thursday could lead to a rollover of the current agreement rather than more significant production cuts, with Saudi Arabia reportedly pushing for lower production quotas from other OPEC+ members.

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NEW YORK, Nov 28 (Reuters) – Oil prices jumped over 2% on Tuesday on the possibility OPEC+ will extend or deepen supply cuts, a storm-related drop in Kazakh oil output and a weaker U.S. dollar.

Brent crude futures were up $1.88, or 2.4%, at $81.86 a barrel by 11:03 a.m. EST (1603 GMT). U.S. West Texas Intermediate (WTI) crude gained $1.84, or 2.5%, to $76.70.

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets.

The talks will be difficult and a rollover of the previous agreement is possible rather than deeper production cuts, four OPEC+ sources said.

The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers.

“Even with the disagreement, the possibility of keeping the deal as is for another month remains high,” said Phil Flynn, an analyst at Price Futures Group in Chicago.

One possible compromise could involve Angola and Nigeria accepting reduced production targets for a few months if targets for the other countries were likewise lowered, said Commerzbank’s Carsten Fritsch.

“According to delegates, Saudi Arabia is demanding lower production quotas from the other OPEC+ countries. While Kuwait has signaled that it would be willing to do so, some countries are apparently resisting any such move.”