Last week, OPEC+ said it would reduce its oil production target by 2 million barrels daily, with actual cuts of between 1 and 1.1 million bpd. The announcement pushed prices higher. By the end of the week, the resulting oil price rally had run out of steam, and prices were once again sliding on recession fears. And these fears might mask how the oil market tips into a shortage. When the cartel said it would be cutting production, OPEC officials explained the reasons for the decision had to do with anticipating a drop in demand and saving spare…
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