The US nonfarm payroll report is out on Friday (US time) and that's not all!
The OPEC+ snowflakes were unable to reach agreement at the scheduled July 1 meeting so its rolling over into another day.
Chatter of what has been happening at the OPEC talks so far (in summary):
- United Arab Emirates blocked the plan to reduce supply cuts (hence more negotiations needed)
- the group is floating plans to increase output by 400k barrels / day / month from August to December 2021
We will have to await the conclusion of the meeting Friday. OPEC talks can result in surprise decisions. About the only thing we can say at present is that there appears to be some quite significant disagreement between cartel members, this delay in talks is unusual.
