The outcome of the much-anticipated OPEC+ meeting has created a splash in the oil market, if not a wave.

Saudi Arabia has backed up their words with actions by going it alone and extending their supply cuts, however with other members not on board with turning off some of the production taps (so to speak), the current push higher in the oil price might be short-lived. 

The unilateral action by the Saudis behind the price jump in oil today pales in comparison to the spike seen after the previous cuts were announced in early April. 

And while the new production cuts from Saudi Arabia are currently for July only, should prices continue to face selling pressure on demand concerns I think we could see these latest cuts have a longer ‘shelf life’ than is currently scheduled. 

During Asian trading hours on Monday, the oil price had moved 1% higher.