Oil Soars 9% As OPEC Deal Details Emerge

And the funniest news of the day: this is who will monitor the deal to make sure everyone complies:

  • KUWAIT, ALGERIA, VENEZUELA TO MONITOR OPEC DEAL: DEL PINO

Update: It appears the short-squeeze ammo has run out…

 

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As the details of the OPEC ‘deal‘ emerge during the press conference, WTI Crude prices have just burst through $49 stops (from 11/22 highs) and are up 9% on the day.

Headlines:

  • AL-FALIH: OPEC HAS MADE A ‘VERY HEALTHY’’ AGREEMENT
  • AL-FALIH: OPEC DEAL WILL START IN JAN
  • AL-FALIH: SAUDI OIL OUTPUT LIMIT 10.058M B/D
  • IRAQ AGREED TO CUT OUTPUT BY 209K B/D, KUWAIT OIL MINISTER SAYS
  • IRAQI MINISTER SAYS RUSSIA AGREED TO CUT OUTPUT BY 300,000 B/D
  • IRAQ OIL MINISTER CONFIRMS HIS COUNTRY WILL CUT OIL PRODUCTION
  • KUWAIT WILL CUT OIL OUTPUT 130K B/D, OIL MINISTER SAYS
  • SAUDI ARABIA: NON-OPEC TO CONTRIBUTE 600K BPD TO CUTS
  • RUSSIA HAS OFFERED 300,000 B/D OIL CUT: QATAR
  • LIBYA SEES NON-OPEC COUNTRIES COOPERATING IN OUTPUT DEAL
  • NON-OPEC NATIONS HAVE GIVEN COMMITMENT TO PARTICIPATE IN DEAL
  • IRAN TO CUT PRODUCTION BY 90K B/D FROM OCT. LEVEL: ZANGANEH
  • IRAN OIL MINISTER: OPEC WILL CUT PRODUCTION TO 32.5 MLN BPD
  • OPEC NEEDS COOPERATION WITH OTHER OIL PRODUCERS: U.A.E. MIN
  • UAE SAYS OPEC NEEDS COOPERATION WITH `OTHERS’
  • NIGERIA IS EXEMPT FROM AGREEMENT TO CUT OUTPUT BY 1.2M B/D
  • OPEC ESTABLISHED MONITORING COMMITTEE TO IMPLEMENT DEAL: SADA
  • SECONDARY SOURCES WILL BE BASIS FOR MONITORING: QATAR
  • OPEC’S NEW 32.5M B/D OUTPUT TARGET INCLUDES INDONESIA: SEC-GEN
  • OPEC TO PUBLISH A TABLE WITH ALL INDVIDUAL COUNTRIES’ TARGETS
  • OPEC TO MEET AGAIN ON MAY 25 2017, SAYS QATAR MINISTER, OPEC INTENDS TO EXTEND THE CUTS THEN BY ANOTHER 6 MONTHS
  • RUSSIA TO MAKE STATEMENT ON OUPUT CUTS IN NEXT FEW HOURS: SADA

 

And the resultant squeeze…

 

Some context…

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