Oil Flat amid Slew of OPEC, Demand, and Political News
Yesterday, the OPEC+ production agreement continued to surprise markets when Saudi Arabia announced they would voluntarily shoulder an additional 1 MMbpd in cuts. Under the new arrangement, Russia and Kazakhstan will slightly increase their output (by a paltry 75 kbpd) while other producers maintain current cuts. The announcement propelled WTI crude prices briefly above $50/bbl, […]