bkindler
- OPEC+ is about to increase by the top of the 12 months about 2M barrels per day of oil manufacturing cuts set to run out in June.
- As they proceed to work towards a deal for extending cuts into 2025, the define of a deal for “voluntary” cuts of two.2M bpd from Saudi Arabia and Russia to be prolonged is there, Bloomberg reported, citing delegates.
- Each Bloomberg and Reuters report that extending cuts into 2025 to shore up costs continues to be on the desk.
- WTI crude (CL1:COM) (USO) is simply above $77 per barrel, and is up 7% 12 months thus far. Brent crude (CO1:COM) (BNO) is above $81, up 5.5% this 12 months.
- Many OPEC+ members want oil to be above $80/barrel to stability budgets, Reuters reviews.
