NOK stays vigilant on OPEC – Danske Bank

Jakob Christensen, Chief Analyst at Danske Bank, noted NOK should closely follow the upcoming OPEC meeting (Thursday).

Key Quotes

“EUR/NOK weathered the EUR rally yesterday as oil prices remain bid ahead of the OPEC meeting on Thursday”.

“The latest comments from OPEC officials suggest that a nine-month extension of supply cuts is about a done deal, which means there is a greater risk of OPEC falling short of expectations at this point.

“Hence, there should be little support left to NOK from the market pricing an extension of OPEC supply cuts”.