Julian Lee, Columnist

OPEC+ Cuts Are Just One Headache for Oil Markets

A strong US dollar and the increasing prospect of recession could tip demand growth into reverse.

October 6, 2022 at 11:15 AM UTC

Julian Lee is an oil strategist for Bloomberg. Previously, he was a senior analyst at the Centre for Global Energy Studies.

Abdulaziz bin Salman, Saudi Arabia's energy minister, talks to Bloomberg Television after Wednesday’s OPEC+ meeting.
Photographer: Akos Stiller/Bloomberg

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Hello and welcome to Elements, our daily energy and commodities newsletter. Oil Strategist Julian Lee argues that oil markets may have bigger worries than the OPEC+ output cuts. If you haven’t yet signed up to get Elements directly into your inbox, you can do that here.

Wednesday’s decision by the OPEC+ group of oil producers to slash its production target by 2 million barrels a day is just one of several pressures facing oil markets in the coming months. Its impact may well be swamped by how these other forces play out.