Surprise decision: OPEC will go ahead with April oil output increase - delegate says ...Middle East

Oil is quickly lower.

In total, OPEC is scheduled to slowly bring on 2.2m bpd by December 2026. With this announcement, you have to start pricing in a good chance that's all coming. Some mitigation may come from compensation cuts for those who over-produced quotas; those will last until June 2026.

WTI crude initially fell about 70-cents on the report and has continued lower to fall $1.50 on the day to $68.28. Zooming out on the chart, there is a great deal of support into the mid-60s.

This article was written by Adam Button at www.forexlive.com.

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