There are still some questions to be answered before the OPEC+ meeting
Firstly, Saudi Arabia will ensure that the output cuts deal will be extended so there is no need to panic. However, whether or not that extension will include Russia remains to be seen.
Even though Russia has hardly made a contribution to the deal - they basically only have one foot in the circle - it's more of a symbolic gesture that the OPEC+ deal extension should involve them or otherwise the mere appearance of the deal will be undermined.
As it stands, the current output cuts quota - alongside issues/sanctions with Iran and Venezuela - is still not enough to stem the oversupply issue in the oil market as seen so far in 1H 2019. Hence, OPEC members are left with little choice but to continue to pursue this course of action if they do not want oil prices to collapse.
The oil market has more or less priced in a deal to be done now after all the commentary from Saudi Arabia's oil minister, Khalid Al-Falih, over the past week.
But as mentioned earlier, if it doesn't involve Russia, expect that to still hit oil markets slightly even though it's more of a symbolic move that they back out of the deal extension. Here's a look at WTI today:
