Oil Markets Are Misinterpreting The OPEC+ Cut ...Middle East

OILPRICE - Economy
Oil Markets Are Misinterpreting The OPEC+ Cut
source : OILPRICE ( Middle East ) () 35
The surprise announcement by OPEC+ of another production cut totaling 1.16 million barrels per day caused oil prices to rally 8%. I previously wrote about this in my weekly research for Primary Vision Network, stating that the likelihood of a cut remained low and that the cartel was aware of the oversupply in the markets and the lack of imminent demand resurgence. However, when viewed from a different perspective, the cut makes sense precisely for the same reason. For at least the past year, the prevailing narrative in oil markets has been a tug-of-war…

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