YGRN - Don't write off any surprises at today's OPEC+ meeting

Oil prices are on the rise for a second straight session following reports that OPEC and its non-OPEC partners, an energy alliance referred to as OPEC+, might decide against increasing output at a key meeting today. Until now, the consensus view among the group appeared to be that the market can absorb extra barrels, given the increased demand from economic reopenings and recent resilience of crude prices. Oil has even tracked back to the $60/level in large part due to the alliance's cutbacks, as well as a broader vaccine rollout and increased popularity of commodities as a hedge against inflation. Crude futures +0.4% to $61.50/bbl.Backdrop: OPEC+ initially agreed to cut oil production by a record of 9.7M barrels per day in 2020, before easing cuts to 7.7M and eventually 7.2M from January (about 7% of global supply). At that meeting, a clash ensued, triggering Saudi Arabia to unilaterally slash 1M

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Don't write off any surprises at today's OPEC+ meeting