OPEC+ wants more cash from the oil market, but it doesn’t think expanding production is the best way to get it. That’s a bullish sign for prices – but on demand, it’s as bearish as you can imagine.
What does it look like when the world’s biggest oil producers capitulate to the decline of their key product? We’re seeing it today.
The surprise weekend announcement by the OPEC+ grouping of more than 1.1 million barrels of production cuts, on top of the 500,000 daily barrels already declared by Russia last month, knocks bullish forecasts for oil consumption on their head.
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Bloomberg
David Fickling is a Bloomberg columnist covering commodities, as well as industrial and consumer companies.
