JMMC meeting ongoing
OPEC's monitoring committee is meeting at the moment and crude oil prices are falling. So far the official talk as been constructive; Russia's oil minister said they need to continue to support the market. That's a dead giveaway that cuts will be extended.
The question is: Will it be 3 months or 6 months?
Oil is falling because of reports saying it will be 3. Iranian journalist Reza Zandi reports that an "informed source" says two scenarios will be presented today for an extension of the cut -- 3 months and 6 months -- but that "it appears that the three-month scenario stands a higher chance of acceptance."
