Venezuela's president, Nicolas Maduro, says his country will lay out plans for a 5pc cut in OPEC production, trimming global supply by 1.5m barrels a day (b/d).
For months he has been in despair, protesting bitterly as the Gulf strategy cuts off half his funding and drives the Chavista revolution into its final agonies. Yet all of a sudden he is strangely cheerful.
"There are going to be nice surprises in the next few days for the recovery of the market," he said after visits to Riyadh and Tehran, and after receiving the Emir of Qatar in Caracas. Perhaps he has been told something. Clearly the hedge funds are betting that it is just wishful thinking.
The veteran Saudi oil minister, Ali al-Naimi, says that nothing is pre-ordained before the meeting. "We will listen and then decide," he said
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