Our team of skilled analysts, by utilising the depth and breadth of Onyx's market knowledge, grants us an unparalleled perspective in the market, enabling us to identify and report emerging trends.

The Officials: OPEC postpones the inevitable

1 min read

4 November 2024: 09:30 GMT

OPEC caught us on the blindside with its extension of voluntary cuts, kicking the oil can down the road to at least the end of December. They’ve entrenched themselves in defence of the $70 line, declaring: “No pasarán!” Or is it the $75.00 line? And the markets liked it, with flat price opening around $1.40/bbl up from Friday’s close. OPEC must have enjoyed October’s increased oil prices, pumped up by geopolitical anxieties, and decided it wanted to keep them there. A similar announcement in September provoked little price reaction, as most market participants expected the cuts to be extended, but were more divided for the progression of OPEC’s supply this time. Crucially, in September, they announced a 2 month extension – this time it’s 1 month. Members’ patience is thin; they want to sell crude and they need money!

In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST).
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Our team of skilled analysts, by utilising the depth and breadth of Onyx's market knowledge, grants us an unparalleled perspective in the market, enabling us to identify and report emerging trends.