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OPEC+ Faces Calls to Cool Oil Market Frenzy With Extra Barrels

  • Saudi-led alliance to discuss reviving supplies next week
  • Analysts question whether group will act vigorously enough
Iraq's Adora Refinery Maintains 110,000 Barrels Per Day

Photographer: Spencer Platt/Getty Images

From trading houses in Geneva to Wall Street banks, much of the oil world agrees that global markets could use some more barrels. The big question is whether OPEC+ will provide enough of them.

A crude glut that piled up during the pandemic is vanishing fast. Global inventories are plunging at the steepest rate in two decades, according to Morgan Stanley. Prices have rallied to pre-virus levels, while U.S. production has taken a hit from freezing storms. Talk swirls of market supercycles, and even the return of $100 oil.