OPEC Will Play with Words

[Kate Turlington + 44]

What we need to watch out for tomorrow is the OPEC wording. Neither OPEC nor Russia wants to disappoint the market, but so far what they're really saying is they will extend the production cuts deal to the end of 2018--that's what the market wants to hear. But ... Russia wants to review the deal in June. 

https://www.reuters.com/article/us-opec-meeting/opec-russia-head-for-oil-cut-extension-but-wary-of-overheating-market-idUSKBN1DT0X9

This is what OPEC is great at-- saying what the market wants to hear in a way that won't push oil prices down, but then offering an out in the form of a possible review of the deal in June. That's why we really need to pay attention to the wording because that's what this meeting in Vienna is really all about. PR. 

[Kate Turlington + 44]

and an interesting take on things on oilprice.com today...

https://oilprice.com/Geopolitics/Europe/Forget-OPEC-Putin-Is-Calling-The-Shots-In-Global-Oil.html