And the funniest news of the day: this is who will monitor the deal to make sure everyone complies:

• KUWAIT, ALGERIA, VENEZUELA TO MONITOR OPEC DEAL: DEL PINO

Update: It appears the short-squeeze ammo has run out...

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(Click on image to enlarge)

As the details of the OPEC 'deal' emerge during the press conference, WTI Crude prices have just burst through $49 stops (from 11/22 highs) and are up 9% on the day.

Headlines:

• AL-FALIH: OPEC HAS MADE A ‘VERY HEALTHY’’ AGREEMENT
• AL-FALIH: OPEC DEAL WILL START IN JAN
• AL-FALIH: SAUDI OIL OUTPUT LIMIT 10.058M B/D
• IRAQ AGREED TO CUT OUTPUT BY 209K B/D, KUWAIT OIL MINISTER SAYS
• IRAQI MINISTER SAYS RUSSIA AGREED TO CUT OUTPUT BY 300,000 B/D
• IRAQ OIL MINISTER CONFIRMS HIS COUNTRY WILL CUT OIL PRODUCTION
• KUWAIT WILL CUT OIL OUTPUT 130K B/D, OIL MINISTER SAYS
• SAUDI ARABIA: NON-OPEC TO CONTRIBUTE 600K BPD TO CUTS
• RUSSIA HAS OFFERED 300,000 B/D OIL CUT: QATAR
• LIBYA SEES NON-OPEC COUNTRIES COOPERATING IN OUTPUT DEAL
• NON-OPEC NATIONS HAVE GIVEN COMMITMENT TO PARTICIPATE IN DEAL
• IRAN TO CUT PRODUCTION BY 90K B/D FROM OCT. LEVEL: ZANGANEH
• IRAN OIL MINISTER: OPEC WILL CUT PRODUCTION TO 32.5 MLN BPD
• OPEC NEEDS COOPERATION WITH OTHER OIL PRODUCERS: U.A.E. MIN
• UAE SAYS OPEC NEEDS COOPERATION WITH `OTHERS'
• NIGERIA IS EXEMPT FROM AGREEMENT TO CUT OUTPUT BY 1.2M B/D
• OPEC ESTABLISHED MONITORING COMMITTEE TO IMPLEMENT DEAL: SADA
• SECONDARY SOURCES WILL BE BASIS FOR MONITORING: QATAR
• OPEC'S NEW 32.5M B/D OUTPUT TARGET INCLUDES INDONESIA: SEC-GEN
• OPEC TO PUBLISH A TABLE WITH ALL INDIVIDUAL COUNTRIES' TARGETS
• OPEC TO MEET AGAIN ON MAY 25 2017, SAYS QATAR MINISTER, OPEC INTENDS TO EXTEND THE CUTS THEN BY ANOTHER 6 MONTHS
• RUSSIA TO MAKE STATEMENT ON OUTPUT CUTS IN NEXT FEW HOURS: SADA

And the resultant squeeze...

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Some context...

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