Heading into the recent OPEC+ meeting, oil prices faced challenges primarily due to supply constraints rather than demand dynamics. In response, Saudi Arabia took proactive measures to address this issue by reducing its supply to 9 million bpd. Additionally, all other OPEC+ producers agreed to extend their earlier cuts until the end of 2024. The key question now is how this strategic move will impact oil prices moving forward. Historical context It is important to consider the historical context surrounding Saudi Arabia’s previous surprise oil cuts in April. During that time, oil prices initially surged but quickly ... (full story)