Bloomberg with the headlines, citing an OPEC+ delegate on the matter
- OPEC+ wants global oil producers meeting as soon as possible
- OPEC+ encouraging other producers to join the meeting
The only thing we know for sure is that the virtual meeting is almost certainly going to take place next Monday. There are not much details of who will be participating, not even Russia at this stage let alone other producers such as the US, Canada or even Mexico.
There have been many whispers doing the rounds on what propositions they may be discussing but the range seems to be from around 6 mil bpd to 10 mil bpd worth of cuts - depending on who you ask that is.
Saudi sources are leaning towards being more conservative but other reports so far are suggesting a bigger chunk of output cuts that is to be discussed.
Meanwhile, Russia is also said to be only willing to join if the US contributes. So, make what you will of that speculative information.
For now, all this huffing and puffing is underpinning oil prices as we see oil turn around a 4% loss in Asia Pacific trading to a 4% gain now - rising from $23.70 to $26.40.
