Oil is now at higher levels than just a few hours ago, even despite Putin's recent statements to Interfax news agency. Putin indicated that he supports the production cuts included in the OPEC+ agreement, but that Russia risks losing market share. This could suggest that Russia is not happy about not being able to take advantage of any earnings opportunities. It already appears at this point that the cuts from OPEC+ have reached astronomical levels. One may ask oneself if this agreement is tenable? As long as everyone sticks to the plan, oil can be controlled by the cartel. However, if someone decides to produce more, the whole agreement could collapse.
Of course, it's important to remember that at this point, it's not possible for OPEC+ to suddenly bring those 5+ million barrels per day back to the market. A lot of that production is not recoverable, even if the production capacity in the entire OPEC+ cartel is estimated to be more than those 5 million. It seems that the entire agreement is now based on Russia and Saudi Arabia. Will the U.S. be able to intervene with Saudi Arabia before the elections to lower oil prices? If so, the entire agreement could collapse later this year. It is worth mentioning that OPEC+ recently decided to extend the agreement on voluntary cuts to Q2 2024. 
OPEC+ is already cutting more than 5% of global oil supply. We may now be dealing with tensions related to the Middle East, which would theoretically require more production from oil to stabilize the market. OPEC+, however, is choosing not to restore some production, and even with a forecast of strong demand growth of 2.2 million barrels per day this year, it has no intention of adjusting to the current situation for the time being. Source: Rystad Energy, Financial Times
Oil is rebounding and remains above the 25 DMA. The current doji candle, however, speaks of great indecision. In theory, the cuts should support oil, but on the other hand we have mixed reports of demand from China. Source: xStation5
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