Oil producers always want higher prices. That is the essential economic order of all markets, free or otherwise: producers want prices to go up, consumers want prices to come down.
"The OPEC+ news is now in the market and the focus has temporarily shifted to economic and inflationary concerns amongst which the two relevant factors are the extended COVID lockdowns in China and Thursday's ECB rate decision," said Tamas Varga of oil broker PVM.
As the world economy contracts, so to does the demand for oil—which at present is outpacing OPEC+’s efforts to manipulate oil markets higher.
The good news is that oil prices are not being pushed higher (yet).
The bad news is that the reason for this is the world economy is royally screwed.
Wait until the strategic oil reserve amounts are cut again from the economy at the end of Oct.Oil prices will shoot up even more again.
That is almost certainly true, and yet if the world economy continues to contract the degree of increase will be diminished.