OPEC+ seems to want $90 crude oil. It may end up defending $50: Russell

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OPEC+ seems to want $90 crude oil. It may end...
 © CyprusMail 2022
By Clyde Russell

It’s tempting to dismiss the decision by the OPEC+ group to cut crude oil production by 100,000 barrels per day (bpd) in October as a statistical insignificance that will likely have zero real market impact.

While it’s true that the tiny adjustment to the producer group’s output targets won’t make a big difference to the global supply-demand balance, Monday’s announcement does have significance: it signals OPEC+’s intent to defend crude oil prices.

OPEC+, which...


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OPEC+ seems to want $90 crude oil. It may end up defending $50: Russell


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