OPEC reaches deal on gradual output increase – report

Reuters, citing two sources

WTI is at $59.90, about $1 off the lows so the market doesn’t hate this. The gradual increase would begin in May.

I’m not so sure that’s the right reaction, a rollover for May was priced in and Saudi Arabia doesn’t sound happy.

The same report now says that OPEC+ hasn’t yet agreed on the figures around a gradual output rise.

Update: The deal will include 350K in May, 350K bpd in June and 400K bpd in July. There’s no word yet on what Saudi Arabia will do with its voluntary cut.

Update: Now a 450K July figure is being floated.

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