Oil Slides On Fresh OPEC+ Discord Headlines

What would an OPEC+ meeting week be without the parade of strawman, market-testing headlines dropped to gauge traders’ stress levels.

OPEC is set to hold an online meeting on Thursday, ahead of OPEC+ meeting later in the day to decide future oil production policy, a source said according to Reuters.

The meeting, which was postponed two days ago, is rescheduled at 4:00 PM KSA on Thursday according to a draft agenda seen by the news agency.

This morning, Reuters reports that, according to four sources:

• “talks are difficult” (well, no news there)

• “a further delay is possible” (possible… not probable)

• “policy rollover is a possibility” (that’s the kicker, we suspect, as bulls are clearly hoping for more cuts)

Bloomberg also confirms that, according to delegates, OPEC+ is no closer to resolving the deadlock over oil-output quotas for some African members that has already forced the group to delay a critical meeting amid faltering prices.

The Saudi-led alliance hasn’t been able to reach an agreement with Angola and Nigeria, which are pushing back against lower quota limits for 2024, which reflect their diminished production capabilities.

The reaction was swift from the algos…

We await the denials – or confirmations.