Reuters quotes sources familiar with ongoing discussions at the OPEC meeting in Abu Dhabi, saying that the OPEC+ is said to be discussing improving output cut compliance.
The sources added the improvement may see an effective reduction of around 400k barrels per day (bpd).
However, the Oman Oil Minister was quick to clarify that there was no discussion of new deeper oil cuts was in today’s meeting.
He further said that the oil outlook is not very good for 2020 as demand growth slows down.
WTI accelerated its declines and hit a low of 55.39 last hour before recovering slightly to near 55.60 region, where it now wavers.