OPEC and allies snubbed calls from U.S. President Donald Trump to lower oil prices, saying on Sunday that they are satisfied with the “overall healthy balance between supply and demand.” The key ministers of the OPEC+ deal participants, however, assured reporters and the market that their respective oil-producing countries have spare oil production capacity to meet demand by customers, if need be. The key message from the energy ministers of Saudi Arabia, Russia, and the United Arab Emirates (UAE) was that if demand calls for higher production, they would be ready to respond. But right now, the oil market is fairly balanced, and OPEC and friends won’t rush to supply more oil than its customers want and need, as they are careful not to tip the market into oversupply that would chip away at their oil revenues once again. Although OPEC+ didn’t decide to immediately boost oil production in […]