OPEC's oil production cut meeting begins at 10am in Vienna today (local time)

  • That's 0900GMT
  • A pre-meeting informal meeting begins at 8am local time (0700GMT)
  • A press conference will be held at 1600 local time (1500GMT)
  • But you can expect plenty of leaks etc. through the day

Where we are at (in brief):

  • OPEC made a preliminary agreement in September to cap output at around 32.5-33 million bpd
  • Current output is around 33.64 million bpd
  • OPEC want to cut production in order to boost prices
  • OPEC has said it will exempt Iran, Libya & Nigeria from cuts
  • Saudi have offered to cut its output by 0.5 million bpd (according to OPEC sources), but want Iran to limit production at around 3.8 million bpd. Iran says it want to go as high as 4.2 million bpd
  • Iraq also wants higher output limits

Reuters have more

Adam has been posting the rumours and such all throughout the US session Tuesday, there is a round-up here.