Still plenty of noise coming out of today's meeting 24 July

  • will cap exports at 6.6mln bpd vs 7.6mln bpd in August 2016
  • will continue to forcibly demand good compliance with cuts
  • next export cut by Saudi yy constitutes around 1mln bpd
  • there will be no free ride for other countries who are overproducing

Russia's Novak:

  • all countries should show 100% compliance
  • committee has recommended to extend cuts after Q1 2018 if needed
  • meeting in November should establish next steps on how to balance market
  • will take output from China and USA into account at next meeting

Kuwaiti oil min:

  • can call for extraordinary meeting if needed to change production parameters
  • next monitoring committee is scheduled for 21 August

A date for your diaries but don't wait up for anything of note.

WTI and Brent firming up on the headlines and bullish rhetoric at least.

Meanwhile in FX land GBPUSD is holding 1.3050 but failing to come back too far as EURGPB remains near session lows.

Oil output cuts can be extended if need be