Oil caps losses amid possible OPEC+ decision

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The OPEC+ meeting is due to start at 12 am GMT on Thursday and many people with links to the cartel indicate that Saudi Arabia wants to forge a consensus leaning towards another production cut. On the other hand, the meeting itself was supposed to be postponed by the fact that quite a few countries do not want another production cut.

The key point is that in the whole new agreement Saudi Arabia does not want to cut production again, but to maintain the current voluntary cut of 1 million barrels per day. This would mean that other countries would have to shoulder the bulk of the supply cut. Certainly one such country is Russia, which is expected to export up to 700k barrels per day more oil than the arrangements would suggest.

Currently, oil is even going out to a slight upside of just over $75 per barrel. A return above $75 per barrel is key from a technical point of view.

Source: xStation5

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