OPEC+ is set to meet today to discuss planned Oil output increases. This 23-country supercartel has had an outsize effect on global petroleum prices as their production coordination responded to COVID-19.
Five supermajors plan to release earnings on Thursday & Friday and it's expected reports will show roughly $29 billion in free cash flow - the most since 2008. This could be due to a strong demand for crude, natural gas and chemical price surges, and a rebound in refineries.
The price of Brent Oil neared an eight-week low on Monday following OPEC+ closing a deal to increase Oil production. This comes in the wake of OPEC’s previous decision to keep supplies low earlier in the course of the pandemic.