Oil producers around the world are sticking to their guns and keeping oil production capped even as oil prices continue to rise. Historically, the highly cyclical and predictable pattern of oil production would mean that oil producers would all be rushing to the pumps right now in order to capitalize on high oil prices before flooding the market with oil, depressing prices, instating caps, and starting the pattern all over again. Wash, rinse, repeat. But this time, the United States, OPEC, and even OPEC+ ally Russia are staying strong and resisting the urge to purge. After last year’s “Black April,” when oil prices fell by more than $50 per barrel in a single day and the West Texas Intermediate crude benchmark crashed past historic lows to bottom out at nearly $40 below zero, oil prices have seen a truly remarkable rebound, now trading at over $65 per barrel. And […]