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Crude Surges On Speculation Of Large OPEC+ Production Cut

OIL

WTI and Brent crude oil futures have added over $2.50 apiece vs. settlement levels in early Asia trade, with various weekend press reports pointing to OPEC+ discussing cumulative output cuts of ~1mn bpd vs. current quota levels, with the potential for Saudi Arabia to conduct a unilateral output cut on top of that move.

  • Note that this week’s OPEC+ meeting has been switched to an in-person gathering in Vienna, the first such instance since early ’20, adding fuel to the speculation that the group will conduct a sizeable production cut.
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WTI and Brent crude oil futures have added over $2.50 apiece vs. settlement levels in early Asia trade, with various weekend press reports pointing to OPEC+ discussing cumulative output cuts of ~1mn bpd vs. current quota levels, with the potential for Saudi Arabia to conduct a unilateral output cut on top of that move.

  • Note that this week’s OPEC+ meeting has been switched to an in-person gathering in Vienna, the first such instance since early ’20, adding fuel to the speculation that the group will conduct a sizeable production cut.