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.
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