Both WTI and Brent futures are falling down at the moment and as the OPEC+ countries are preparing to meet in Vienna in the beginning of December I wouldn’t say that we are getting closer to some sense of the situation at all.
Oil right now is extremely far away from earning the name of a somewhat stable asset. Sides of the extractions cannot agree on the output numbers. With prices falling down so rapidly it is only natural that OPEC is going to try and fight for the output to be lower, that it is right now. But countries. Like abovementioned Russia, the earnings of which fully depend on oil export numbers are understandably against the correction.
And there we have it – two strong sides, each pulling the cover in their direction. And we are the ones who suffer from it.