Saudi Arabia will unwind its voluntary cut from May-July

OPEC+ decisions now official

OPEC+ will gradually raise production from May through July and during that same period, Saudi Arabia will also unwind its 1 mbpd voluntary cut.

The oil market is holding up ok, despite this surprise. The consensus was for a rollover in May and the possibility of a rollover through June. Some certainty through three months is nice but this is quite a few extra barrels coming to the market.

The OPEC+ increase for May and June will be 350K bpd followed by 450K bpd in July.

Goldman Sachs is quickly out with a positive note for oil saying that the supply deficit will grow even with the boost from OPEC+.

Here is the OPEC+ press release.