Still lots of clouds around the OPEC decision
The benchmark month is critical because in October Iran's output fell dramatically and Saudi Arabian production jumped (at Trump's behest).
If October is the benchmark, there might be no de facto cut. Saudi Arabia would simply go back to where it was (it couldn't sustain October levels anyway) and Iran's 'cut' isn't exactly self-imposed.
Fresh reports say Russia to cut 230k bpd, which is less than the earlier report of 400k bpd.
Overall, I don't see much for oil bulls to get excited about here, although this is obviously better than OPEC falling apart, which looked like something that could happen yesterday.
The OPEC+ meeting is on now but it might be a short one. Then there will be a press conference and hopefully some clarity.
As for the price of oil, it remains strong with WTI at $53.67, up 4.2%. You can try to sort out the fundamentals but oil can get a mind of its own after OPEC meetings, so mind the technicals.
Update: OPEC says it won't provide a list of each nation's output quota.
