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Reports that a broader coalition of OPEC+ countries is preparing for an emergency meeting, by video conference, as early as Monday, per TD Securities.

Key quotes

“President Trump’s commented that a cut of up to 10-15M bpd is being touted, with Saudi Arabia and Russia returning to the negotiating table and demanding that all producer nations participate, if there is to be a deal.”

“Even a 15m bpd cut would unlikely balance the market in the near-term, but it would nonetheless go a long way to reframing expectations. Both tails remain excessively wide in energy markets, as it remains unclear whether such a deal can or will be brokered.” 

“In the immediate-term, the market has been caught wrong-footed, which could provide for some wild intraday price action, but we remain far from convinced that such a deal can be brokered by Monday, which opens the door to a disappointment.”