Citing an unnamed OPEC source

Meanwhile, Bloomberg is reporting that talks haven't yet reached a final deal just yet by citing an OPEC delegate on the matter.

The delegate also says that OPEC talks are focusing on a return to 100% cuts compliance while OPEC would allow Venezuela supply losses to be offset if Venezuela themselves agree.

As mentioned earlier in the week here, the compliance rate for OPEC members in May was at 146% but that owes quite a bit to Venezuela as well as they are unable to do anything since they are hit by sanctions. Meanwhile, non-OPEC members' compliance only sits at 54% for the month of May.

Update: Reuters is now reporting that the OPEC members have agreed in principle to bring output compliance back to 100% as the meeting continues.

Either way, it will be done when it is done and all that matters is the official confirmation later. Right now, all this is just nothing but more noise to the picture.