Reuters source report.
Note that the JMMC isn't the body that makes the decision but it has a strong influence on OPEC+. It's safe to now say that 2m is what's expected and oil is higher in response.
Once we get confirmation on this, the next question will be whether this cut is to the current baseline of quotas or to actual production. I'd assume it's to quotas and that's likely priced into the market but there's a chance it's to auction production. The difference is about 800k bpd, which is significant. (Update: A report says the cuts will be from current baselines).
There's also some speculation that Saudi Arabia could announce voluntary cuts beyond OPEC after the meeting.
WTI crude oil was last at $86.90.
One of the most-compelling takes I've seen is that OPEC countries hate the idea of the Russian oil price cap. They're worried that if it can happen to Russia, it can happen to them. So they desperately don't want to see it work.
