We're one day away from OPEC's big meeting in Vienna to decide on the future of the production cutting agreement between the cartel and several outside producers including Russia.
A few things to note as zero-hour approaches...
The latest: While a nine-month extension of the deal is considered the most likely outcome, Reuters reported Wednesday morning that Kuwait's oil minister says all options are on the table, including a one-year extension and deepening the 1.8 million barrel per day cut.
Setting the table: The BBC has a useful explainer about the meeting and the oil market challenges facing OPEC.
Trump's curveball: Bloomberg reports that the new White House proposal to sell another 270 million barrels from the Strategic Petroleum Reserve over the next decade, on top of sales Congress has already authorized, could undermine OPEC's effort to prop up prices and relieve the global glut.
- Meh: Goldman Sachs, in a new research note, downplays the relevance to the cartel, noting the scope of the proposed sales is "negligible" relative to the size of OPEC's cuts and the global market.
Go deeper: A huge issue for OPEC in recent years and going forward is the rise of U.S. shale production. "A harsh reality may emerge, likely well after the May 2017 meeting, that the price at which shale can grow quickly could be much lower than the price OPEC members want and need," Columbia University analyst Jamie Webster says in a piece that lays out several paths OPEC could take regarding shale.