OPEC+ meeting continues
The latest from the OPEC+ meetings is that the UAE as agreed with a one-month delay in making the decision on easing the production cuts, but Russia has opposed the suggested delay.

Forex news from the European trading session – 2 July 2021
Headlines:
Markets:
– CAD leads, NZD lags on the day
– European equities slightly higher; S&P 500 futures up 0.1%

No compromise just yet ahead of the meeting later
As pointed out , the UAE seems to be the sticking point but they are merely asking for their production baseline to be revised – not being against an extension or easing of output cuts – so that is an important distinction when viewing this supposed standoff.

The loonie is holding its ground in European trading
USD/CAD was up earlier to a high of 1.2449 but is now tracking lower to the lows for the day at 1.2418 as the loonie regains some momentum after a sluggish week against the dollar, despite higher oil prices in the lead up to the OPEC+ decision.

It is all about the NFP release today
The payrolls figure will once again steal the headlines initially but barring any shocks and/or surprises, I would say that the devil will be in the details when it comes to digesting the report as a whole.

Latest data released by Eurostat – 2 July 2021
Again, a lot of this likely stems from supply chain disruptions – which will be a persistent issue going into 2H 2021.

Forex news from the European trading session – 1 July 2021
Headlines:
Markets:
– NZD leads, JPY lags on the day
– European equities mixed; S&P 500 futures up 0.1%

Remarks by UK prime minister, Boris Johnson

The proposal is for a 2 million bpd easing of output cuts in Q3 and Q4
This being tweeted by renowned oil market journalist, Amena Bakr:
There is a proposal on the table that will be further discussed to ease 2 million bpd between august and December – sources

Reuters reports on the matter
This pertains to the OPEC+ meeting later in the day and it is no surprise to see deals/accords struck prior to the meeting itself. A 500k bpd overall increase is the baseline figure to expect so we’ll see if there are any other details in the hours ahead.