Another OPEC+ Cut Seems Likely—But Not Very Consequential

Another OPEC+ Cut Seems Likely—But Not Very Consequential

Share to Linkedin Secretary-General of OPEC Haitham al-Ghais (R) and Saudi Arabia's Minister of Energy Prince ... [+] Abdulaziz bin Salman Al-Saud (2nd L) hold a press conference after the 33rd OPEC and non-OPEC ministerial meetingin Vienna, Austria on October 05, 2022. (Photo by Askin Kiyagan/Anadolu Agency via Getty Images) As OPEC+ goes into its weekend meeting, the second biggest news is that some reporters are apparently not invited to the event. (My suggestion: if you miss attending the event, get in a crowded New York subway car and shout out questions. It's pretty similar.) The oil price, which weakened based on fears of a U. S. default, continued to weaken after the debt ceiling bill passed the house, apparently because of higher U. S. oil inventories. The IEA's projection that the market will be undersupplied by a whopping 2 mb/d in the second half of this year does not appear to be moving traders. And Saudi Energy Minister Prince Salman's warning to speculators did not move traders either, which could be a big mistake. It was once said don't get in an argument with someone who buys ink by the barrel and paper by the ton, and it might