Strict production discipline by OPEC and its partners is the #1 reason why oil prices have managed to stage a remarkable recovery and stay relatively high after plunging to historical lows in 2020. Early this month, oil prices reacted positively after OPEC and its non-OPEC partners, aka OPEC+, reached a favorable agreement to start gradually curbing production cuts beginning in May. Starting next month, OPEC+ will allow an additional 350,000 barrels per day to join the markets, with another 350,000 coming in June and June and 450,000 barrels per…
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