OPEC+ Latest Hike Casts Shadow over Glut Narrative ...Middle East

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OPEC+ Latest Hike Casts Shadow over Glut Narrative
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Last Sunday, OPEC+ agreed to add 137,000 bpd to its collective oil output. This was the seventh monthly output hike decision by the group, and it came amid warnings of a looming supply overhang. Yet oil prices rose on the news. While counterintuitive at first glance, the market’s reaction actually suggested that rumors about a glut may be premature. One reason why the output hike failed to pressure prices was its size. After several months of adding over 400,000 barrels daily, OPEC+ this time went for a much smaller increase, of the same…

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