With the usual conjecture beforehand, OPEC leaked out last night that it was considering a plan to reduce output by a further 500,000bpd to bring the total cut to 1.7mbpd.
The real problem being that not all members has adhered to the agreement to comply to the cuts agreed back in December. There was supposed to have been a Press Conference yesterday, but it was cancelled late in the evening. Saudi has already cut by more than it needs, but one assumes the whip is out for those members who have not been complying to do so now. The initial impact on the market was minimal. The announcement was met with scepticism but in the short term it may support the imminent Aramco float.
Today OPEC Ministers gathered again and this time with their non-OPEC partners led by Russia to discuss the proposal to cut further. However, when the Press Conference opened this afternoon, questions being taken before any announcement had been made.
Listen to John speak about the latest OPEC meeting on the latest episode of the Resonance podcast, : https://www.buzzsprout.com/524704/2269508-opec-production-cuts-what-will-happen-to-the-oil-price