OPEC+ and the V8 Surprises: Cuts Extended

In the earlier Note we pointed out that the OPEC+ meeting has nothing to do with voluntary cuts. We also stated that OPEC+ meeting is irrelevant to today’s market.

We stated in the earlier note “However, if any decisions are announced today regarding extending voluntary cuts, it will not be from the OPEC+ meeting. It will be from a side meeting of the V8.” This is exactly what happened today, although we were not certain that this meeting would happen today. Based on earlier information, we thought they will meet on the 10th.