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OPEC likely to stick with existing policy – report

Reuters, citing five sources, says OPEC+ is likely to stick with its existing quotas at Sunday’s meeting. However two sources said the group could consider further cuts.

Sounds like it’s all decided to me. Crude has now given back nearly all of today’s gains though is still much higher than yesterday when all the talk about cuts really ramped up.

I think OPEC — like everyone — is trying to figure out what’s happening with Russian oil and the price cap/export ban. I wouldn’t rule out a move before the next scheduled meeting (which is early Feb) if/when there’s a major development.

WTI crude oil was last at $77.53.

I’d also highlight that the oil market was almost-shockingly slow to react to that OPEC headline — which was from a very reputable source. It makes me wonder if the oil algos have turned off.

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