They are currently 2.8 million UNDER their current quota... does this mean they were actually announcing production increases?
You are seeing a lot of speculation why this is happening, and something will wind up being true. It's also likely to wind up being unimportant. (Except in American politics, expect Republican Karens to jump on the kitchen table and scream)
We are heading into a global recession, which means demand for oil will drop. Which means OPEC's announcement is prob empty posturing.
IOW, I am expecting oil prices to drop. Oooops, I mean go back to dropping.