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*Update 10:33 am ET: *What was already an ugly day for oil on the back of the Kazakhstan comments that it would effectively not adhere to OPEC+ quotas, turned even uglier after Reuters came out with another oil hit piece, reporting that “some” OPEC+ member countries are *pushing for another output increase. *The report said its OPEC sources said there were calls for that to be tabled at the May 5 meeting and enacted in June.
Why OPEC+ would agree to flooding the world with oil at a time when most major countries are already teetering on recession, and a flood of production could send oil crashing and spark budget crises across OPEC+ nations, was unclear. What was clear is that whoever commissioned the Reuters report, was short oil, as WTI dumped as low as $61.53 from a session high just shy of $65.
*Update 10:33 am ET: *What was already an ugly day for oil on the back of the Kazakhstan comments that it would effectively not adhere to OPEC+ quotas, turned even uglier after Reuters came out with another oil hit piece, reporting that “some” OPEC+ member countries are *pushing for another output increase. *The report said its OPEC sources said there were calls for that to be tabled at the May 5 meeting and enacted in June.
Why OPEC+ would agree to flooding the world with oil at a time when most major countries are already teetering on recession, and a flood of production could send oil crashing and spark budget crises across OPEC+ nations, was unclear. What was clear is that whoever commissioned the Reuters report, was short oil, as WTI dumped as low as $61.53 from a session high just shy of $65.
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