Strategy Note /
Global

OPEC+ unchanged with oil price near fiscal breakeven

  • OPEC+ stuck to its output increase plan but with the proviso that it could immediately react to an Omicron hit to demand

  • Relief for importers (and US President Biden) but OPEC+ decisions have moved from every 2 months, to monthly, to daily

  • Despite 20% drop from end-October peak, current oil price (cUS$70) is near the fiscal breakeven of Russia and Saudi

OPEC+ unchanged with oil price near fiscal breakeven
Hasnain Malik
Hasnain Malik

Strategy & Head of Equity Research

Tellimer Research
3 December 2021
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