Given the dire straits of OPEC countries’ fiscal situations, the cartel may ultimately take action at its meeting on November 30 to lift prices, a move that would hurt consumer countries. But a production cut isn't a forgone conclusion.
The Egyptian government, in order to raise revenues, has increased taxes on ships that use the Suez Canal, but the move will likely backfire, as oil-at-sea volumes will find other routes to reach their destinations.
OPEC, along with Russia, will take another stab at figuring out a strategy to support prices at an informal meeting in Algiers next week, and traders are split on what the outcome will be.
A number of traders have come together under the hashtag #OOTT, the Organization of Oil Trading Tweeters, to share oil news, events, and a public data set of tanker traffic and global oil trade flows that rivals some of the best proprietary market analytics.