RE:RE:Oil production down per each open memberalso Iran's floating storage is gone - was 40M barrels. Remember the OPEC is about production, not exports, so to the extent each member had inventory to draw from, they could maintain their exports as long as they could pull from inventory. That option is presumably exhausted now, so OPEC exports will now drop to match their lower production levels.
With regard to this week's inventory, the consensus is a draw of 3.4M. I think we need >5M. A decent gas draw would be nice too (expectation is a small build). It's also critical that production stop increasing - we have been getting small but consistent production increases all year - if we got even a small decline this week, that would be huge,