Yesterday, we saw headlines of potential deeper output cuts by OPEC and that helped to give oil prices a lift in overnight trading.

As much as I want to be optimistic about that, I’d reserve judgment as it is still early days before we get to the next OPEC+ meeting in December.

Then, there is the issue of compliance as Novak noted above as well. Deeper cuts are pointless if they cannot get every contributing nation on board with 100% compliance.