The first news from the OPEC + video conference on a new production cut agreement points to a solution to the problems between Russia and Saudi Arabia. Both sides were to agree on the need for a deep production cuts . Such information comes from both Russian and Arabian sources At the moment, there is talk about an agreement of even 20 million brk per day cuts. Details will be key. Will the reference point be the April production or rather the Q1 average? Has the agreement included cuts from countries outside the OPEC + agreement? Oil clearly bounces, WTI at USD 28 per barrel.
Oil rebounced after the start of the OPEC + conference. Source: xStation5