Hopes of Saudi led shift in OPEC policy to be disappointed

The next meeting of the Organisation of the Petroleum Exporting Countries (OPEC), on 4^th December, is set to be much more interesting than the one in June. Indonesia will re-join the group for the first time since it left in 2009. That said, most of the meeting will undoubtedly focus on the return of oil exports from Iran as well as proposals for a return to individual quotas and the prospects for subsequent production cuts. However, comments from key OPEC ministers still seem relatively sanguine. It is also not clear that even if OPEC did cut its production target, actual output would fall.