The sources say that a delay of 3 months is the focus and that is as per expectations, following the numerous reports since yesterday. That is to delay the planned output hike which was supposed to begin in January through to Q1 next year.
WTI crude is seen little changed on the day still, up just 0.1% to $68.75. It feels like if all of this is not enough to get oil back above $70, there could be more pain to come to start the new year with a narrowing flag pattern forming in recent months.