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MPC Meeting Minutes Released


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OIL: Oil has been supported by the seemingly broad agreement between OPEC+
producers to extend the current production agreement, with a rollover period of
6 or 9 months up for discussion, based on comments made over the weekend. WTI
trades $1.20 above settlement, with Brent up ~$1.40.
- Russian President Putin confirmed that the country was on board with a
rollover of the production pact, while Saudi Energy Minister Al-Falih has
expressed a preference for a 9-month extension of the current deal. Some of the
support for the rollover is caveated, for instance, Nigeria wants a slightly
higher production quota before it supports the deal. The risk to the deal itself
is Iran, with the country reeling from the squeeze that U.S. sanctions have
placed on crude exports. The OPEC+ summit is ongoing.
- As a reminder, Friday saw the EU confirm that the payment system that it has
created to facilitate payments with Iran is now operational, while Iran noted
that talks with the remaining signatories to the 2015 nuclear deal likely
resulted in insufficient progress to prevent the state from breaching some "key
components of the accord."
MNI London Bureau | +44 0203-865-3809 |