According to Reuters sources on the matter
- OPEC waiting to hear how much Russia will cut before deciding its own reduction
- If Russia cuts 150k bpd, OPEC+ could cut only 1.0 million bpd
- If Russia cuts around 250k bpd, OPEC+ could cut in excess of 1.3 million bpd
And the rumour mill begins to churn out them headlines now. The meeting isn't slated to begin until 1000 GMT but it's OPEC, what else do you expect? The positive takeaway from here is that it looks like there will at least be a production cut in the works but it will depend on Russia's commitment as to how much the overall cut will be.
