There have been all kinds of reports of OPEC+ cuts and voluntary cuts but the press release is out and it says nothing about cuts. That’s probably not a big surprise because of earlier reports saying they will be voluntary and announced by individual members but it’s all turning into a confusing mess.
Adding to it is that the press release says the next meeting won’t be until June but reports say that the new voluntary cuts will only be for Q1. So what happens in Q2? Of course, they can always schedule a meeting but the market likes a plan.
In any case, here’s the release.
Oil is down $2.64 and the market will be eager to hear from the OPEC+ heavyweights.