Comments by Saudi oil minister, Khalid Al-Falih
- Says 9-month extension is to prevent 100 mil barrels build-up
- Says that all countries have promised to improve on compliance to cuts
- Says OPEC+ still working on which inventory metric to be used in the charter
This might as well be the press conference and the official announcement because the cat has long been out of the bag. An OPEC delegate also chimes in now to say that a 9-month extension has already been agreed in principle.
In short, all there’s left is the formality to sign off on the agreement but we’re basically there now and oil prices aren’t looking that enthused as markets have had quite some time to price and factor in the news. WTI is still down by 0.3% at $58.93 currently.