OPEC+ Gains Validation as Demand Woes Erase Post-Cut Rally
- Oil prices sink below $80, erasing gains from new supply cuts
- Saudi-led curbs may have averted further price losses: RBC
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It’s starting to look like OPEC+ was right again.
Saudi Arabia and its partners provoked a backlash from the White House and beyond earlier this month when they shocked global oil markets with new output reductions. But with Brent crude sinking below $80 a barrel Wednesday — wiping out the price gains since the announcement — the group’s contention that the cuts were needed to prevent an oversupply is gaining justification.