In the wake of the SPR release, from the US and some Asian countries, there was chatter of an angry OPEC+ cutting output in retaliation.
If they do they’ll cop a lot of blame for fuelling (sorry for the pun) even higher inflation that’ll potentially stifle the global economic recovery. On the other hand, the group has expressed concerns of oversupplying the market. This will be an interesting meeting.
OPEC+ currently has a plan in place to once again increase production by 400,000 barrels /day in December, as it has done since July 2021 and plans to do in the months following (until the end of 2022).
