According to a report from the Reuters, ministers at the OPEC meeting have agreed to maintain the production cuts for another 9 months as suggested by Saudi Arabia, Iraq, and Russia well before the meeting. The Reuters report cited unnamed OPEC delegate at the meeting as their source of the information.

There are two meetings scheduled today. The first one was between the members of the OPEC that ended at 8:45 (GMT) and the second one is between the OPEC members and participating N-OPEC countries including Russia. The second meeting is scheduled to begin 13:00 GMT and will be followed by a joint press conference at 15:00 GMT. There has been no official announcement after the first meeting.

As we warned and discussed in an earlier article published yesterday, that the oil price might suffer the famous ‘buy the rumor, sell the news’ and that is what has happened since the Reuters report, which is available here, http://www.reuters.com/article/us-opec-oil-idUSKBN18L0S8 . WTI is currently trading at %50.5 per barrel, down more than 1.5 percent so far today.