Why the OPEC+ Output Cuts Have Flopped
Two-thirds of the recently announced supply reductions won’t remove any extra barrels.
A pump jack on an oil field near Samara, Russia.
Photographer: Andrey Rudakov/BloombergWelcome to Energy Daily, our guide to the energy and commodities markets powering the global economy. Today, Bloomberg Oil Strategist Julian Lee looks at why the recent OPEC+ output cuts have proven underwhelming so far. To get this newsletter sent to your inbox, you can sign up here.
Additional oil production cuts announced by members of the OPEC+ group last week are failing to impress the market. It’s no surprise why.