An hour ago OPEC meeting in Vienna started. So far oil price is reacting with gains for the information leaking out of the meeting.

Iraq agrees for production cut

Here you can watch live stream from the meeting. So far we know that Iraq is ready for production cut for about 6 months – at least local oil minister said that.

If today there will be an agreement (discussion is mainly about ceiling of production at 32.5M barrels daily) then non-OPEC countries will be asked for cooperation. Current projections say that they would agree to cut production by 600K barrels daily.

On the other side there are rumours that Iran does not want to agree for production freeze but has other solution to stabilize prices. Iran oil minister, OPEC General Secretary and both IEA and Saudi oil minister agree that they will find solution today. These comments make oil more expensive.

Black gold clearly up

WTI price appreciated clearly from yesterday’s bottom at 45.00. Technical resistance is now around Monday’s high and 61.8% Fibonacci retracement.