The past month has seen Brent crude oil trading in a
$6/b range, between
$106 and $112/b.
"Clearly, based on the various comments made so far by ministers ahead of the
December 12 OPEC meeting, there is no expectation of any sort of action that would restrain supply coming out of the
Vienna gathering," said
John Kingston, Platts global director of news. "A quick glance at some estimates of what OPEC needs to produce to keep the market balanced, versus what it is actually producing – more than one million barrels-a-day higher – could give the impression that the group might have thought about pulling back on its output but has not reached any such consensus."
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