Oil: It is OPEC day – TDS

The OPEC+ video-conference will see the cartel's energy ministers discuss a potential negotiated agreement, strategists at TD Securities apprise.

Key quotes

“We don't expect a final deal announced today, as a large-scale deal will need the US to participate, and they are not in attendance for today's virtual meeting.” 

“Friday will see a G-20 meeting of energy ministers that would be the more plausible platform to announce any agreement, if a deal is ultimately struck.”

“We anticipate that the demand destruction is so large that a deal will be unable to restore market balance in the coming quarter. It will take time for the market to absorb the inventory overhang that should keep pressure on prices.”