Closed session talks continue but headlines leaking out of Vienna from 'delegates' per Bloomberg,confirming the high end scenario floated yesterday morning. Sounds like OPEC (ie Saudi) is going it alone without additional support from Russia after Novak refused to support additional cuts at the JMMC meeting yesterday.
Brent up 70c on the news and +60bps on the day, not exactly a screaming response but step in the right direction. Still waiting on additional details around duration (assume 3M to start) and how many physical barrels 1.5MM translates to given SA already under producing by 0.4MM but combined with 1MM outage from Libya a 1.5MM incremental cut should help to offset a large amount of the China/OECD demand losses, which some estimate to be over 3-3.5MM in 1Q20.
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