OPEC+ agrees on 1 mbpd of extra supply cuts

This is a pretty big cut. It's not clear from the report how long the agreement is for. If it's through Q1, that would be extra bullish.OPEC+ is showing unprecedented unity and discipline right now but history shows there is a time bomb there and now there's more than 5 million barrels per day of spare capacity out there. That likely caps oil near $100.More details are coming now:Algeria agrees to cut output by additional 50K bpdSaudi to cut by 1 mbpd bpd (same amount as before via the lollypop cut)Russia to cut by 500k bpdOthers to cut 'more' This article was written by Adam Button at www.forexlive.com.

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