The latest news from the OPEC + meeting says that an agreement has been reached on a moderate increase in production over the next 3 months. Interestingly, oil rose after this news. Previously, increases of +350 bpd in May, +350 bpd in June and +400 bpd in July were taken into account, but the latest reports say that the size of the increase in production has not yet been determined. Saudi Arabia is not satisfied with this solution. It is uncertain whether the additional cuts from this country will be maintained. If not, then investors will have to take into account a one-off return of production at the level of 1 million bpd, which may not be so positively perceived by the market.
The volatility is really high. Crude oil rebounded initially, but we are now seeing a return to declines as the price hit $ 60 a barrel. Source: xStation5
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