There isn't a great deal of confidence heading into tomorrow's meeting
The current narrative is that OPEC+ members are failing to find a consensus on a decision to be made at tomorrow's meeting. The key impediment remains Russia as members are fearing that they won't get on board with production cuts. There are reports suggesting that in order to aid Russia's decision making, they just have to show a symbolic production cut rather than a significant one.
However, it is also said that Russia is failing to agree with Saudi's proposed cuts of more than 1 million bpd. In short, it's just a big old mess right now as all nations are seemingly unable to find common ground and that's setting up for mixed expectations ahead of the meeting in Vienna tomorrow.
Oil is down by about 1% on the day now to $52.71 as the dollar strengthens and after a surprise inventory build overnight. But if there isn't any agreed production cuts in the works, it could lead to a brutal end to the year with the $50 handle likely to be tested once again.
