Oil markets are becoming increasingly sensitive to geopolitical events in recent months, with major price rallies manifesting even for a relatively small cut in production, especially when there is geopolitical context to add more uncertainty to the mix. The already tight oil market was squeezed even further over the weekend, when OPEC+ made its surprise announcement that it would make a further 1.6 million bpd cut to production to balance things out. That supply and demand balance is so precise now that the market is having outsized…
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