While the oil market now has some clarity around the coordinated SPR release, there is still plenty of uncertainty around how OPEC+ may react to a number of key consumers releasing stocks onto the market. OPEC+ is set to meet on 2 December and this is when they will decide whether they stick to their plan of increasing output by 400Mbbls/d per month or pause further supply increases to offset the SPR releases. OPEC’s Economic Commission Board warned that the global oil market could see large surpluses due to these releases, particularly over the early part of next year. As usual, expect plenty of noise in the lead up ... (full story)