OPEC+ agrees to hike, will review monthly
Reuters report, citing a source.
The baseline has long been a 3 month delay in the taper but that's not happening. I would have expected a kneejerk lower on this but oil is holding up, at least so far.
I guess if oil can absorb the extra 1mbpd from Libya, it can support this. You know what they say: Something that can't fall on bearish news probably can't fall at all. With the US dollar crumbling, that's a tailwind for oil.
At the same time, it's early in this oil move.
More:
- Agrees to monthly review to evaluate output level
- Original deal would have added 1.9mbpd in January
- The compensation cuts have been extended to March
- Production will increase 500K for 3 months
