We've had a series of very short and uneventful OPEC meetings and until the start of this week, today's was expected to be similar.
Now there's growing talk of higher quotas from a number of sources.
The planned increase for today (which wouldn't take effect until July) is 432K bpd.
Amena Bakr at Energy Intel reports that could be bumped up into the 500-700K range. Another report from Energy Intel suggests hikes of 650K in both July and August. That could bring forward the end of quotas to September.
Bloomberg reports that both the July and August decisions could be announced today, citing delegates.
Despite these reports, which are breaking now, the prices of oil has rebounded.
From where I stand, the sooner OPEC pumps full-out, the sooner we see the real supply-demand balance in the market. Once OPEC and the SPR are tapped out, there's no limit to how high oil can go. Producers simply aren't ramping up spending yet.
