The meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) in Vienna has just started according to people familiar with the matter. It was informed that the organization and its allies will discuss production cut of more than 400K barrels per day as the main scenario. The ministers will meet on March 1 to review the deal. Expectations point to an additional cut of 500K bdp, bringing the total OPEC+ cut to 1.7 million barrels.
The price of WTI futures awaits the outcome of the meeting trading at multi-month highs above $58.50, supported by expectations about further production cuts, the latest inventory data and a weaker US dollar. Volatility in crude prices is likely to rise as the meeting goes on.
Reuters informed that Saudi Aramco prices its Initial Public Offering (IPO) at 32 riyals (approximately USD 8.50) per share.
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