Analysts at Danske Bank suggest that OPEC will meet today to discuss potential production cuts in 2019 and will be a key event for today’s session.
“A press conference is scheduled for 13:00 CET, which will be monitored closely amid soaring oil price volatility this autumn. The final rounds of speculation indicate an agreement on output cut next year, which could last the whole of 2019, but there seems to be no deal yet on the size of the cut. Furthermore, Libya and Nigeria seem likely to be included in a deal this time around.”
“If we are right in our call for production cuts in the magnitude of 1.3mb/d for OPEC+, it would erase OPEC+ output gains from this year. It would pave the way further for a short-term rebound in the price on Brent crude above USD70/bbl, which would support oil exporting currencies such as CAD and NOK.”
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