OPEC+ may have to make much deeper cuts to their collective oil production targets this winter as a recession looms over Europe as it struggles with a severe energy crisis and China shows signs of waning oil demand. The token 100,000-barrels-per-day (bpd) cut announced this week is largely irrelevant to the oil market balance.
But it sent a strong message to the market that the OPEC+ alliance is back in price-watch mode and appears determined not to let oil fall too far below $90 a barrel, analysts say. Recession Fears After an initial…All Eyes On OPEC+ As Oil Prices Drop Below $90
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