Goldman questions the future and purpose of OPEC+ ahead of a critical meeting

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OPEC+ is scheduled to meet on Nov. 30 and Dec. 1 to discuss the next phase of its oil production policy.

The speculation came as a surprise to some because of the UAE's stature within OPEC. It is the group's third-biggest producer and a close Gulf ally of OPEC kingpin Saudi Arabia.

It ultimately reflects "the difficult dual mandate that the group is trying to meet: helping rebalance the market after an unprecedented demand shock yet achieving higher revenues and market share medium-term," the U.S. bank added.

Tamas Varga, senior analyst at PVM Oil Associates, said Tuesday that it appears likely the upcoming OPEC+ meeting will be "anything but plain sailing."

 

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