1:30 PM · 5 October 2022

BREAKING: OPEC + decides to cut production by 2 million bpd!

The OPEC + meeting has started. The first reports say that production is cut by 2 million barrels per day.

However, on closer inspection, the cuts are referring to r the full production target. Currently, OPEC + produces 3.5 million barrels per day less than the production limit. If this were true, the real cut could be as low as less than 1 million barrels a day from countries such as Russia, Saudi Arabia and the UAE.

Crude oil is rising immediately, however the details are not supportive for market bulls. Source: xStation5

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