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OPEC+ decision delayed to later today

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Infighting within OPEC+ saw a delay to the decision yesterday

Nonetheless, the bloc is likely to reach some form of compromise before the weekend as they are sorting out the nitty-gritty when it comes to where the easing of output cuts are going to come from. The UAE seems to be the sticking point in negotiations.

The talk yesterday was for a 400k bpd increase in production each month starting from August through to December. Though there was no formal recommendation by the JMMC.

They will be meeting again later today at 1300 GMT before the OPEC+ ministerial meeting is scheduled for 1430 GMT.

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