Oil gains ahead of OPEC+ video meeting

Oil is in the spotlight this week with two big meetings scheduled for today (OPEC+) and tomorrow (G20 energy ministers). Crude is moving higher ahead of OPEC+ meeting with Brent trading near $34 and WTI trading near $26.50. Below we provide a quick recap of recent oil-related news: 

  • OPEC+ video meeting to start at 3:00 pm BST. Press conference will be held afterwards (timing uncertain)

  • There is a growing feeling that producers may agree to cuts of around 10 million barrels per day

  • Russia wants the US and Canada to participate in the cuts but neither of the two countries will take part in today's meeting

  • Without US and Canada on board, major producers may not want to reduce output in order not to lose market share

  • G20 energy ministers will hold a video meeting tomorrow at 1:00 pm BST. United States, Canada and Russia are all expected to participate

  • Non-OPEC producers will be asked to join output cuts during the G20 meeting tomorrow

Brent (OIL) trades in a range this week as it awaits a key decision from major producers. Price moved into the upper limit of the range and it will be up to OPEC+ whether we see a break or not. Source: xStation5

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