- Oil production cuts to be kept in place through year end
- Decision will be reviewed monthly
- Additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of suporting the stability and balance of oil markets
Expect Russia to offer the same. Oil is jumping, rising by $1 now after earlier falling by 50-cents.
This may put a true squeeze on the oil market. Russia hinted at it last week so there’s some risk of a ‘sell the fact’ trade here but I think physical traders are seeing inventories drawing down.