Quota set at 31.5 million barrels per day.
This is being spun as ‘no change’ because they were previously exceeding the quota of 30.0 million barrels per day but 1.5 mbpd.
Headlines about Indonesia joining and spin saying ‘no change’ have confused the issue but the oil market has gotten the message and dropped to $41.00 from $41.80 because the quota has gone up.
Recognizing actual production adds some headline shock. There wasn’t much risk that OPEC would do something but the optics of hiking production quotas certainly doesn’t argue that they want to reign anyone in or jawbone.
If anything, it says that they’re more committed than ever to breaking rivals.