BNO - OPEC and allies finalize deal to restore oil production through 2022

OPEC+ agrees to restore all production cuts the group made when the COVID-19 pandemic began, raising output by 400K bbl/day each month through the end of 2022, resolving an internal dispute that had tested the unity of the alliance.The deal will give Saudi Arabia, the United Arab Emirates, Iraq, Kuwait and Russia higher baselines against which their production cuts are measured from May 2022.The gradual response reflects the uncertain global demand outlook, as much of the developing world, where demand growth for oil had been strongest pre-pandemic, is still fighting surging COVID-19 cases.Brent crude -0.4% in early Asian trading after losing 2.6% last week.ETFs: [[XLE]], [[USO]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[ERX]], [[BGR]], [[BNO]]WTI crude oil fell 3.7% last week to $71.81/bbl in anticipation of a deal, its biggest weekly decline for a front-month contract since late March 26.

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OPEC and allies finalize deal to restore oil production through 2022