Reuters out with the headline quoting OPEC sources 2 Dec
Meeting planned for 10 Dec to finalise the deal made this week to cut oil production
OPEC has agreed to cut by 1.2m bpd beginning in January with Russia reducing by 300k bpd. It's hoped non-OPEC countries will cut by a further 600k bpd.
Meanwhile Russian central bank gov Nabiullina says they are unlikely to raise oil f/cast in its macro base scenario.
- OPEC decision to cut output means faster economic growth in Russia
- changing oil price in base scenario depends on how market reacts
- will maintain conservative f/casts
WTI currently $50.42 Brent $53.13