OPEC and its allies, known collectively as OPEC +, have already begun discussions regarding the current state of the oil market and output targets for the month of May. Get your market update from RichardSnowFX here:
OPEC agrees to ease cuts, increasing supply by 432,000 bps for May: Key Technical Levels around the OPEC meeting, SPR releases* [UPDATE] OPEC agrees to increase supply in May to 432,000 barrels per dayOPEC and its allies, known collectively as OPEC +, have already begun discussions regarding the current state of the oil market and output targets for the month of May.
In addition, the International Energy Agency members are due to meet on Friday at 12:00 to discuss a similar release of petroleum reverves. The actual amount of the potential release has not yet been determined. The main purpose of the meeting is to confirm the total volume set for release and then determine the country specific breakdown.
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