OPEC decision week is upon us again, and with the evidence of economic decline everywhere, and crude prices almost back to being flat on the year, it comes as no surprise to hear that the cartel is talking about cutting.
Until now, the most we've had mentioned is 1 million barrels per day, but Energy Intel's Amena Bakr has just reported that a 1.5 million cut is being spoken about.
The meeting is most definitely 'live', and with plenty of options to choose from, we'll certainly get some added vol+ in crude markets.
Headline traders rejoice.
Possible OPEC+ cuts of 1.5 million (or more) may be considered
- So far talks among OPEC+ delegates indicate that a cut of 1.5 million or more might be considered. Unclear if this will be in phases
