Oil markets have rallied since OPEC+ announced that it will reduce its output further, by some 1.66 million barrels per day, bringing the cartel’s total output reduction to 3.66 million barrels daily, or 3.7% of global oil demand. To sweeten the deal further for the oil bulls, Russia announced it would extend its 500,000 bpd cut until the end of 2023.
The announcement triggered an immediate 8% spike in oil prices that had languished for months amid weak demand and a worsening macro outlook. WTI crude has now gained 22.9% to trade at…What Could Go Wrong With Chinese Oil Demand Forecasts?
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