Separate report from Dow Jones
The Reuters report suggested a 700K bpd cut but another one suggests it's not yet decided and in the 200K to 700K range.
Oil has pulled back to $46.84 on this report from $47.45 at the highs. In my experience, Reuters has the best OPEC reporters, by far. So I wouldn't bet against them.
The deal will be questioned because it only lowers OPEC production back to where it was in May but, to me, it doesn't make a difference in the short term. This was entirely unexpected.
The only thing that could undermine it are the details. Countries certainly have time to maneuver between now and the next meeting, which is scheduled for Nov 30.
Update: It's looking like they're just going to walk out with the 32.5 mbpd target and a plan to figure it out in November. What could go wrong?
