For the 3rd day in a row, headlines in the energy complex are reiterating the possibility of an OPEC production cut in the face of the decoupling between (tight) physical crude markets and dropping futures prices.

OPEC's rotating president told The Wall Street Journal that the Saudi energy minister's proposal to consider a reduction in light of market volatility was "in line with our views and objectives."

While the OPEC presidency doesn't have decision-making power, the holder of the position often voices consensus emerging in the organization.