Further Opec Production Cuts May Appear
While the move is completely negligible in terms of actual market supply, considering not only the small change in the overall target but also the massive underperformance from the producer pool in the region of 2.9 million bpd below quota, the decisions of OPEC+ on Monday sent a strong message to the oil market that the group is ready to meet at any time and decide on any cuts it deems appropriate to “stabilize” oil prices....