More reports on higher quotas
WTI crude quickly fell to a session low of $40.08 from $40.90 on more talk of production hikes.
Reuters reports that OPEC+ JMMC panel ministers are all aligned to ease oil production curbs.
The aim for OPEC will be to get as much of their production back online while keeping private non-OPEC producers out. But that's a true slow-bleed to bankruptcy for everyone. At the same time, it's going to mean an extended period with a lack of capex and ultimately, when the excess inventories are finally run off, there will be a lack of supply.
