Japan chief cabinet secretary Matsuno welcomes OPEC's decision to boost oil output

The news overnight was of:

• OPEC+ agrees to raise output by 648K in July and August

Up from the previously agreed to circa +430K in those months. This is a welcome development, and will make a difference at the margin ... but. It'll barely touch the sides. Add that to most of OPEC is not managing to hit its monthly production quotas now and you can see why oil surged back on the announcement.

Update:

Still, Japan expressing happiness.