The WSJ reports that Saudis are mulling clandestine cuts.
That would mean at the Dec 6 OPEC meeting, officials wouldn't announce a cut but would commit to current levels of production. At the moment, however, Saudi Arabia is overproducing by nearly 1 million barrels per day.
In turn the Saudis would stick to the quota, bringing down de facto production.
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Japanese government bonds held steady and the Nikkei eased from a record high Tuesday as markets awaited a widely expected BOJ rate hike to 1% and signals on the pace of further tightening.
Gas prices dip under $4/gallon as Strait of Hormuz deal eases oil supply fears. Traders watch crude.
General Motors is in talks with Lockheed Martin to manufacture components for weapons systems as the Pentagon presses non-traditional suppliers to help replenish munitions stocks depleted by the wars in Ukraine and Iran.
PBOC is expected to set the USD/CNY reference rate at 6.7605 – Reuters estimate
Analysts broadly welcome the US-Iran deal as a positive for risk assets and emerging markets, but warn that inflation relief will be gradual and the durability of the agreement remains unproven.
US oil reserves hit 43-yr low, lowest since '83. Traders watch for price impact.
Gas prices dip below $4/gallon as Strait of Hormuz deal eases supply fears. Traders watch geopolitical risks.
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