OPEC and its allies have recommended a production cut, but have not decided on a specific size, according to reports Wednesday.

Ministers from OPEC will meet on Thursday to determine the specifics of the cut, including who should reduce output and by how much.

Markets are, of course, watching closely for any signs of the scale of the cut. A small curtailment will likely send oil prices still lower, but a large drop in production will support battered oil prices.

U.S. companies will also likely move based on OPEC’s decision. Firms are currently preparing 2019 budgets, and the cuts will have a major impact on expected prices and supply and demand in the coming year.
Cut predictions range from 500 MBOPD to 1.3 MMBOPD
With the scale ...

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