OPEC to change course - rumors abound ahead of OPEC meeting next week

According to sources, OPEC members are considering a change of course at next week's OPEC+ ministerial meeting In July OPEC+ committed to adding 400kb/d monthly to global crude supplies starting in August 2021 and sustaining until 5.8mb/d of excess capacity was brought back online However, with OPEC already running behind it's quota by more than 500kb/d during October 2021, some have speculated that OPEC may be unable to add the supply it has committed to providing the market Importantly, the July OPEC+ agreement stipulates that OPEC+ "in December 2021 assess market developments and Participating Countries’ performance", leaving the door open for a change of course With rumors of a global inventory release reducing Brent oil prices by more than $7, OPEC+ may be looking to re-take control of the supply / demand narrative in the oil market next week A slower pace of supply increases from OPEC+ could drive oil prices