Skip to content
Subscriber Only

OPEC to Disappoint Oil Bulls at November Meeting, Citigroup Says

  • Decision to extend output curbs through 2018 unlikely: Morse
  • Citigroup says higher oil prices to spur U.S. shale drilling
Video player cover image
OPEC Secretary-General Mohammad Barkindo speaks in Vienna about rebalancing of the global oil market.(Source: Bloomberg)

Oil bulls banking that OPEC and its allies will later this month agree to extend supply cuts for all of 2018 are set to be disappointed, Citigroup Inc. says.

Hedge funds are laying record bets that Brent crude futures will rise, exchange data show, amid expectations that OPEC and Russia will decide to prolong supply curbs when they meet in Vienna on Nov. 30. Markets are pricing in an extension to the end of next year, according to JPMorgan Chase & Co.