OPEC+ agrees on 1 mbpd of extra supply cuts – report

<p>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.</p><p>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.</p><p>More details are coming now:</p><ul><li>Algeria agrees to cut output by additional 50K bpd</li><li>Saudi to cut by 1 mbpd bpd (same amount as before via the lollypop cut) — target will be 8.7 mbpd</li><li>Russia to cut by 500k bpd</li><li>Others to cut 'more'</li><li>Algeria's oil minister said OPEC may meet again before year end</li></ul>

This article was written by Adam Button at www.forexlive.com.