It's official
There was some talk OPEC+ could bump November production by 800k bpd then hold in December. That would have front-loaded some extra oil and won them so favors in Washington.
However they stuck to the plan to add 400k bpd in November, in large part because they continued to forecast excess supply early in 2022. That might be in question seeing some of the latest airline booking data but covid is tough to predict.
The next meeting was set for November 4, which is also Fed day. That should be a good one.
Oil is more than $2 per barrel higher.
