OPEC: All eyes on supply decision – Deutsche Bank

Analysts at Deutsche Bank suggest that today we’ll see the OPEC meeting and all eyes will be on how much supply they’ll add to the market.

Key Quotes

“Ahead of this, overnight Bloomberg noted OPEC ministers have reached a preliminary agreement to boost production by a theoretical 1m barrels a day, although Saudi Arabia’s energy minister noted this number is “nominal, as the actual effect will be something less because not every country can respond”, so the real production increase may be c600k barrels a day.”

“Notably with Iran’s oil minister walking out of the meeting and telling reporters that “it was not a good meeting”, we may have to wait until Saturday to see whether this proposal will be formally ratified.”