The Organization of the Petroleum Exporting Countries (OPEC) and its allies OPEC+ agreed on Saturday to extend current oil production cuts by one month, until the end of July. During the meeting, OPEC and OPEC+ members agreed to extend unit July a record production cuts of 9.7 million barrels per day, which were agreed in April to help balance the global oil market hit by the pandemic. The initial agreement envisioned a gradual lowering of the cuts to 7.7 million barrels per day from July until the end of 2020, but during today’s meeting, it was agreed the future pace of cuts will be reviewed on monthly basis.Also, it was agreed that Iraq and Nigeria, which failed to meet their reduction quota compensate by making deeper cuts in the coming period. Nick Note: Did you see the pigs flying in formation. OPEC is fucked. Supplies will soon overwhelm demand and the predictable will happen. I can not wait for this party to be over!