OPEC will next meet in December, which means that the new quotas will be in place for at least November and December. That's notable because the Russia oil price cap/EU ban is set to take effect on Dec 5.
It will also be interesting exactly when the December meeting is set. If it's before Dec 5 (they usually like to meet at the start of the month) and they set the quota for another two months, that would take them through February. But in that time, Russia could turn off the taps to Europe.
The most-notable reporting I saw today indicated that OPEC countries deeply dislike the Russia oil price cap precedent because it could one-day apply to them. They desperately want to see it fail. That could put them in Russia's corner against US and European efforts to keep oil prices down.
Update: OPEC has also agreed to extend its cooperation agreement through 2023. That's a sign they're committed to +$80 oil. And why wouldn't they be? It certainly makes life easier for their government budgets.
WTI crude oil has rebounded to roughly unchanged on the day after US inventory data.
Update 2: Now they're saying the full ministerial meetings will only take place every six months.
