/biz/ - Business & Finance

>>49319781
>Oil Jumps After OPEC+ Agrees To Boost Output By 648K Barrels
>fter just 11 minutes, a new record for brevity, the OPEC+ minister meeting ended and as noted earlier, concluded by agreeing to a 648K increase for both July and August, the first time that OPEC+ has deviated from its standard monthly increase of 432K since the increments were started last summer. The decision will accelerate the completion of OPEC's reversal of several years of output cuts a month earlier than planned.
>In the grand scheme of things, the 200K or so increase in output does nothing. Furthermore, as Bloomberg notes, any bigger increase will be shared pro-rata by all participants which is "going to eat into the volume actually delivered by quite a bit."
https://www.zerohedge.com/commodities/opec-meeting-preview-are-we-going-get-unexpected-increase-oil-output