Reuters Sep 1 - Russia Novak oil excess removed...Now the big question how good will OPEC + be at managing supply and demand....it is easy to limit supply...balancing now that is tricky...
Traders playing it safe...could shift anywhere from 64-68...other variables China ramping back up now and impact from Ida....
"Russia's Novak: OPEC+ deal removed oil excess, now key to keep market in balance"
"MOSCOW, Sept 1 (Reuters) - Organization of Petroleum Exporting Countries and their allies, a group known as OPEC+, have fulfilled a goal of removing excess oil from the global market and it is now important to keep the market balanced, Russia’s top negotiator, Alexander Novak, said."
“Joint actions allowed to take away (oil) excess accumulated when demand was down - think we have fulfilled this task. Now it is important to maintain this balance and synchronize production and demand as the market rebounds,” Novak, also a deputy prime minister, said."
Reference:
https://www.reuters.com/article/oil-opec-russia-idAFS8N2PK002