OPEC agreement in principle is said for 600K bpd real increase

Haresh Menghani FXStreet

Headlines continue to come out of the crucial OPEC meeting in Vienna and the latest news suggests that the oil cartel is said to have agreed in principle for 600k bpd real increase in oil supply.

Although the official announcement is still awaited, the OPEC deal is said for a nominal output increase of 1 mbpd increase for OPEC and non-OPEC.

Surprisingly, WTI crude oil prices seemed little affected by the incoming news and continue holding with strong gains near session tops, around mid-$66.00s.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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