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OPEC's rotating president and Angolan oil minister Jose Maria Botelho de Vasconcelos said oil at $75 to $80 a barrel is a satisfactory price. He said OPEC's December 22 meeting in Luanda may keep output unchanged, though preparations to raise production are also under way.
He added that the market is currently oversupplied.
Signals that OPEC+ may hold or raise supply in December while describing the market as oversupplied, which points to downward pressure on crude prices.
mysheen.comNov 5, 2026After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
