Geopolitics Just Slapped the Oil Market Awake ...Middle East

This weekend, OPEC+ agreed to add another 411,000 barrels daily to its combined output. The decision came amid expectations of a bigger hike that had weighed on energy stocks prior to the latest meeting of the group. But that wasn’t all. Following the OPEC+ decision, oil prices actually jumped. The oil market “just remembered that geopolitics exists.” That OPEC+ was going to raise its output for another month was already clear, so the hike was not really a surprise. It had the potential to hurt energy stocks because of a perceived…

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