OPEC+ sources:To consider whether to deepen oil output cuts at next meeting on November 26

<ul><li>The OPEC+ is to consider whether to deepen oil output cuts at next meeting on November 26.</li><li>The existing curbs don't seem to be enough</li><li>OPEC considering additional oil supply cuts due to a nearly 20% price drop since late September.</li><li>Concerns about future demand and potential surplus despite OPEC+ cuts and Middle East conflicts.</li><li>OPEC+ pledged total oil output cuts of 5.16 million bpd, 5% of daily global demand, starting in late 2022.</li><li>Some sources suggest current cuts may not be enough, deeper cuts might be discussed.</li><li>Market volatility rising ahead of Nov. 26 OPEC+ meeting.</li><li>OPEC's monthly report cites strong oil market fundamentals despite the price drop.</li><li>International Energy Agency predicts lower 2024 demand growth and potential market surplus in Q1.</li><li>Debate among OPEC members on whether more cuts are needed; some say it's too early to decide.</li><li>OPEC does not have an oil price target; members heavily rely on oil revenue.</li><li>Saudi Arabia's extended oil cuts raise concerns about economic contraction.</li><li>Saudi Arabia emphasizes the need for strong compliance with production cuts among all members.</li><li>In June, OPEC+ agreed to limit supply into 2024, with Saudi Arabia extending its voluntary production cut until the end of 2023.</li><li>Some analysts expect Saudi Arabia to maintain the voluntary cut through at least Q1 2024.</li></ul><p>The price of WTI crude oil is trading up $2.20 at $75.75.</p><p>Mom Tthe price still remains below its 200-day moving average at $78.13. It's 100 day moving average is up at $82.29. Getting above those moving averages as needed to increase a bullish bias.</p>

This article was written by Greg Michalowski at www.forexlive.com.