Wind changes direction at wavy oil market, Bloomberg writes. OPEC is considering options to return to output cuts next year.

Amid summer price growth and political pressure on behalf of US President, Saudi Arabia, Russia and other producers raised output. Now when midterm elections are over, and market faced the perspective of rising US shale output, the organization is discussing further steps to support the market.

Ministers from OPEC countries will discuss possible scenarios at meeting in Abu Dhabi on Sunday. If decision on cuts is made, then OPEC will face a number of difficulties, including necessity to persuade Russia as well as with critics of US President.

We would like to remind that in summer Brent oil reached $86 level due to concerns about supply restrictions on behalf of Venezuela and Iran. Since then a lot of things happened in regards to supply. OPEC members entered “produce as much as possible” mode. As a result, Saudi Arabia produces output close to record.

Meanwhile, the US granted unexpected exceptions from Iran sanction eliminating one of risks for supply side. At the same time, there is a demand risk due to slowing emerging markets economies and US-China trade war amid growing US production.

Brent oil price lost 15% from four-year high level in the beginning of October. Price gained 1,3% to $73,02 on Wednesday.