Oil – OPEC+ meeting: ANZ see a significant chance of a cut as large as 1mn barrels/day


Oil gapped higher at the open of US futures trade on Sunday evening:

ANZ remarks on what they expect from the OPEC+ meeting on Wednesday:

  • The group has already signalled that it is willing to intervene to support prices. We suspect it will be moved to counteract the excessive bearishness in the market by announcing a cut to production. Anything less than 500kb/d would be shrugged off by the market. Therefore, we see a significant chance of a cut as large as 1mb/d.

And also supportive of the price:

  • Crude oil found some support early in Friday’s session after China issued new crude oil import and export quotas as it seeks to revive its economy.

Some gap fill :



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