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.
When OPEC+ trimmed production recently, it was in an effort to sustain a general rise in oil prices. However, recent price declines show that effort has thus far not been successful.
"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.
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