- Brent touched $90.32/Bbl, and WTI hit $87.30/Bbl this morning as OPEC+ members surprised the market
- Saudi Arabia sent prices soaring Tuesday morning as the Kingdom extended its unilateral oil production cut
- The Saudis announced they would extend 1 MMBbl/d cuts through December
- Previously, the Saudis had only announced unilateral cuts through September
- The Saudis’ move exceeded market expectations (Bloomberg)
- Russia said it would also extend additional voluntary reduction in oil supplies through December
- Russia has been cutting by an additional 300 MBbl/d, on top of what was already promised with the greater OPEC+ group