WTI-Brent Spread steady ahead of OPEC/Non-OPEC meeting

WTI-Brent spread is flat lined around minus $2.3 in Asia after having recovered from the low of minus $2.38 to minus $2.29 on Friday. 

Eyes OPEC/Non-OPEC meeting

Reuters report says, “Six OPEC and non-OPEC ministers will meet on Monday in St Petersburg to discuss the market outlook and compliance with output cuts. They may recommend a conditional cap on Nigerian and Libyan oil production.”

The spread may drop to June low of minus $2.55 (Brent oil rally) if Nigeria and Libya are brought under the production cap. 

Reports are also doing the rounds that the joint OPEC/non-OPEC ministerial committee could also discuss a deeper cut in production. 

At the time of writing, WTI was trading flat lined around $45.73/barrel. Brent was flat lined around $48.05/barrel.