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Russian news just confirmed that Saudis will cut up to 5mb & Russia up to 2mb... however they are saying that everyone is confident that the total should reach 15mb and they want others to add to that tomorrow, the 4 countries that they mentioned UK, US, Brazil and Canada could add up 20mb or more.. so if that happens then expect fireworks Tuesday morning!

They said that 2 days ago, and that’s not good, because they want to cut from the highest production point, so in total 1.5mb... 2 other ministers said on Russian tv that the max they will cut is 2mb, but only if US joins them after

I hope it’s just profit takers and not ppl in the know selling.. that’s a pretty big drop from today’s high

The meeting is today and tomorrow, so the final agreement could be announced tomorrow or even early next week.. today we should get a hint if a deal is being progressed and prepared for the G20 countries to also contribute to the deal and expand it

A deal would restore prices to $35 or more, but the producers would still struggle and the US would lose 3m b/d of supply, Mr Sheffield said.

That is what shale executives want Riyadh and Moscow to hear: the US government might not let shale producers join cuts with Opec, but production is falling anyway.

Mr Sheffield leads one camp urging supply restraint in Texas. Harold Hamm, head of Continental Resources and a friend of Mr Trump, has lobbied for tariffs on Saudi and Russian crude, an idea also supported in Canada’s oil patch.

Mr Sheffield said the supermajors that oppose his pitch want $10 oil to allow them to snap up weaker rivals. Executives at bigger companies say independent operators spend too much money producing costly oil — and the market is exposing them.

Looks a bit flat getting quotes to buy 100k shares with a slight discount so plenty of liquidity available

Can everyone **** off with the pmo from here pls.. this is a Tlw board and if you want to talk about pmo pls leave this chat and go to theirs, very simple

if all goes well today expecting a spike to 33p

Only if poo goes above $80, but that won’t happen

Now that these numbers are out of the way we should end the day around 25.5... this better be a wake up call for those who will be making decisions tomorrow.. we need that deal asap and we need a substantial cut

No they are not desperate for shares, the inventory numbers came out, over 15mb in one week... that’s insane.. tomorrow’s numbers better be good or we are bk below 22p for a while

No, the oil inventory numbers today, in about 30mins

Numbers should be out at 14.30 uk time

US shale production will definitely suffer long term, from my research I’ve seen predictions of up to 6mbpd over the next 2-3 years.. markets always like to price in potentials so the rig numbers for example are very important.. if the numbers fall to say just under 300 in the next 3-4 weeks that would be a very clear indicator that long term production in US will be dire... I always have my reservations when it comes to OPEC but I don’t think they will **** up this time round... I hope they will make that deal with an option of further cuts from potential partners etc that would be the most ideal scenario and will bring stability

Marcel, yesterday’s report already officially confirmed the 2mbpd figure

Adam, he last mentioned 2 days ago, saying that first he wants to see the OPEC deal and then if he is satisfied US and Canada might join.. but straight after he said, the law does forbid any cuts etc but if needed he will work something out.. so there is no chance of US joining the cut tomorrow.. and a very slim chance of joining later, unless the US production numbers don’t drop on their own... I was more excited about Canada wanting to join tbh, and Norway as well, that would be a very positive spin for sure

Trump already said several times that US won’t be joining any cut, officially.. they don’t need technically as the API numbers showed that in this quarter production will drop to just over 2mbpd which is a pretty big number.. and that might not be final as more companies are going bust.. number of rigs keeps dropping at an impressive rate... And the number will be extremely important, market expects 10-15m so that’s the minimum that we better see

Marcel if it doesn’t happen than oil will go bk to $25ish.. the market has priced in the amount that was mentioned several times 10-15mb.. but ppl in the industry keep saying that the glut atm stands at just over 25mb.. so if they won’t be able to agree on the numbers already mentioned, markets will react negatively.. we need stability, and the only way to do that is to know that oil price will be stable so the number we need is at least 10-15mb

I don’t see us finishing below -7-8% today, and that would be very healthy considering the rise we just had... tomorrow will be a very interesting day, they better announce a cut of more than 15mb

Ofc, I agree it goes both ways and that is why the amount number will be extremely important.. a lot of negative factors have been priced in already especially in the last 2-3 weeks