OPEC+ likely to stick to the existing plan – report

Sources cited by Reuters

Sources cited by Reuters

Oil has been on the move this hour and is up $0.35 to $66.55. It’s flirted with this area a bunch of times in the past few months but at this level it would be marginally the best closing level since 2018.

I brought the Iran news a short time ago and now there’s this. I don’t think this is market moving because the plan is baked in. OPEC+ meets on Tuesday and the plan is to keep adding oil through July.

The Reuters report mentions Iran’s oil as an x-factor. OPEC has just under 6 mbpd in spare capacity and it’s coming back to the market, the question is how patient they will be.

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