[ROLLING HEADLINE] JMMC and OPEC+ on Wednesday at 12:00BST/07:00EDT and 12:30BST/07:30EDT
SourceNewsquawk
SectionEnergy & Power
JMMC RECOMMENTDATION
- OPEC+ JMMC recommends to raise production by 100k BPD from September , according to a Reuters document.
- "Looks like Opec-plus will be agreeing on 100K increase for sept", according to EneryIntel's Bakr
RECENT SOURCES:
- Saudi Arabia is said to be warning to a production increase at the OPEC+ meeting, according to FT. Sources suggest a small increase was becoming the most likely outcome following the Crown Prince's visit to France. Sources have also tried to play down the extent of any production increase. Any increase in the OPEC+ production target is expected to be less than 500k BPD may not lead to substantial volumes of additional oil on the market. One potential option is keeping the group’s total production target intact but allowing countries such as Saudi Arabia and the UAE.
- OPEC+ will discuss output hike of under 400k BPD, according to a delegate cited by Bloomberg.
- "There is a possibility of a very small increase in [OPEC+] production, around 100k [BPD]", according to EnergyIntel's Bakr; "talks at the JMMC include options of increasing production between 200-400k ", according to EnergyIntel's Bakr.
- OPEC+ to discuss output hikes of less than 300k BPD, according to one OPEC+ source cited by Reuters
- OPEC+ is highly likely to consider a modest increase in oil production, via Reuters sources.
- OPEC+ option for supply hike range as low as 100k BPD, according to a delegate cited by Bloomberg
- Three OPEC+ sources stated that they see "very little chance" for an oil output increase at today's meeting, according to Reuters.
RECENT COMMENTARY:
- Kazakhstan's Energy Minister said current prices of USD 100/bbl are above the preferred USD 60-80/bbl corridor, OPEC+ needs to look at prices so they become more realistic; OPEC+ nations are to discuss the fate of the deal after 2022 at Wednesday's meeting.