Ryan had the headlines here: OPEC will hold an informal meeting on the sidelines of the IEF in Sep
- The last meeting in April failed to get an agreement to restrain output
- But, never say die - they'll have another crack at it in September
- Russia, not a member of OPEC, says it might be joining in the meeting
Just because OPEC is having a meeting does not mean we'll get and output freeze or cut, but it was enough for the oil market overnight. Saudi rejected such calls back in April on the basis of increased production in their dear neighbour (yeah, that was sarcasm) Iran, and that'll be a stumbling block again.
ps. We'll get some oil data tomorrow and again on Wednesday (US time). Genscape report a build in inventory of 307K at Cushing (week to August 5)