Search ForexCrunch

OPEC is set to meet today to review current production cuts that are due to expire by the end of the year and will be a key event for today’s session, according to analysts at Danske Bank.

Key Quotes

“Tonight, a preliminary deal to hike oil production by 1mb/d was reached though the actual production rise will probably be somewhat lower around 600,000 barrels a day. But it might be difficult to reach a formal agreement today, as Iran that walked out of the meeting overnight. Iran does not want a hike in production. Without Iran and possibly Venezuela, a formal communique might not be send out. Note that non-OPEC member Russia is part of the current deal. The disagreement among OPEC members has pushed oil up by a dollar overnight.”