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Global Markets: OPEC+ to consider production cut extension

Little support for cuts in 23-member alliance

By MarketsFarm

WINNIPEG, Nov. 12 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Reports stated on Thursday that the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, are considering a delay to any hikes in oil production by up to six months. So far there’s apparently little support for the proposal among the 23 members outside of Saudi Arabia and Russia, the de facto leaders of the OPEC+. Earlier this year OPEC+ slashed its production by eight per cent of total global output following steep reductions in demand due to the COVID-19 pandemic. News that Pfizer may soon have a coronavirus vaccine provided a boost to crude oil prices, but it’s widely believed by numerous countries, including those of OPEC+, that any vaccine won’t be widely available for until mid-2021.

– Prime Minister Justin Trudeau repeated his government’s stand on Wednesday that Canada will not cave in to pressure from China regarding the extradition hearing of Huawei executive Meng Wanzhou. “We don’t believe in coercive diplomacy…we actually deeply believe that if you start giving into that kind of pressure, you’ll leave yourself worse off for the long term,” Trudeau commented during an interview in a Financial Times online conference. It’s widely believed that China detained two Canadians, Michael Spavor and Michael Kovrig, as retaliation for the December 2018 arrest of Meng in Vancouver. After several months of detention Spavor and Kovrig are now facing espionage-related charges. The United States wants to extradite Meng to face charges of violating economic sanctions against Iran.

– Azerbaijan’s ally Turkey warned Armenia on Thursday that if it resumed the war over the Nagorno-Karabakh, “they will pay the price for it.” The statement comes the day after Turkey and Armenia’s ally, Russia, agreed to oversee peace across the region after six weeks of war between Armenia and Azerbaijan. However, Russia stipulated that Turkey cannot deploy troops as peacekeepers despite the latter stating that it will. There are fears that the conflict could draw in Russian and Turkish forces and further threaten the flow of natural gas and oil through the strategic Southern Caucus region.

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