OPEC+ Discussing Possible Cuts but Agreements Unclear

OPEC+ is due to hold its meeting later Thursday with talks of further cuts being discussed but no confirmation around agreement by the group - while a rollover appears more likely.

• “OPEC+ talks on 2024 oil policy ahead of a Thursday ministerial meeting were focusing on an additional oil supply cut to support the market.” Reuters reported Wednesday evening London time.
• “Two OPEC+ sources said the group was discussing a deeper collective supply cut in the first quarter of which the exact duration and volume was not yet clear. One of them said OPEC+ may not be able to agree on this and it was possible the meeting could roll over existing policy.” it added.
• OPEC+ ADDITIONAL OIL OUTPUT CUT DISCUSSIONS RANGE FROM 1 TO 2 MILLION BPD - TWO SOURCES – in the latest Reuters headlines Thursday.
• The WSJ reported Wednesday evening London time that the group was likely to rollover existing output curbs but is considering additional production cuts up to 1m bpd.
• *OPEC+ Alliance Considers 1 Million B/D Extra Production Cuts, Sources Say -- WSJ
• *OPEC+ Most Likely to Keep Targets Mostly Unchanged, Sources Say -- WSJ
• *Saudi Backs Possible Extra OPEC Cut, UAE Resist Plan, Sources Say -- WSJ
• It reported the deal could be announced tomorrow following the OPEC scheduled meeting.
• An OPEC internal meeting (non-production policy) is due to take place at 10:00 GMT followed by the virtual OPEC JMMC meeting scheduled for 13:00 GMT and the OPEC+ ministerial meeting at 14:00 GMT.