This ties back to the earlier headline here, which suggests that Saudi Arabia and UAE are ready to step up to cover for Russia’s shortfall amid ongoing sanctions. If Russia is on board, that may very well finally see a significant change in stance by OPEC+ for the first time in a while now.
The source also says that any compensation could be approved gradually and that there is no guarantee that it will be approved in full later in the day. For some context, Russia is currently producing roughly 1 mil bpd below its quota.
In any case, the details that will be announced in today’s meeting will be crucial to look at in identifying the next steps for OPEC+. Oil is still under pressure on the day, with WTI crude oil down 1.7% to $113.30 currently.