But no change to output policy is expected
Despite calls by the US to loosen the taps, OPEC+ is almost certainly not going to budge with their plan to raise output by 400k bpd. The bloc has maintained a consistent message in outlining that pandemic risks are not over yet and they are also arguably not going to overreact to the global energy crisis - at least for the time being.
Oil is down 0.5% to on the day currently to $80.49 after the drop yesterday, with support seen around the $80 mark for now. This comes after a period of back and forth consolidation after testing the recent highs close to $85.
I'd still argue that the fundamentals are siding with a push higher over the medium-term but as mentioned earlier in the week and yesterday here, a flush lower is arguably healthy in building a better foundation for a more robust rally in the weeks/months to come.