A newswire source report is doing the rounds, quoting nine unnamed sources that say OPEC+ may lean to production cuts if/when Iran's oil returns.
Given that OPEC is massively underproducing its quotas, OPEC might need to cut quotas just to save face.
In terms of price action, oil is unmoved on these headlines but rallied strongly in the hours ahead of it, which makes me awfully suspicious that it leaked.
One important detail here is that the story says they won't announce cuts if/when an Iran deal is announced, not right away. They will wait until Iran actually delivers higher production.
WTI crude oil is sizzling today, up nearly 4% to $93.64.
