OPEC+ holds both the knife and the cake in the oil market, according to Rystad Energy. OPEC+ holds both the knife and the cake in the oil market, especially as the group boasts the lion’s share of the remaining unused supply capacity in the world. That’s what Rystad Energy’s head of oil markets, Bjornar Tonhaugen, said in a statement sent to Rigzone following the latest OPEC+ meeting, which reconfirmed the group’s production adjustment plan and a decision to add 400,000 barrels per day to the market in November. “The supply capacity control makes OPEC+ the only market player than can significantly redirect market conditions, apart from any unplanned outages or weather phenomena, justifying the extended bullish reaction after the meeting’s outcome became clear,” Tonhaugen said in the statement. The outcome of the OPEC+ meeting was no surprise, Tonhaugen noted, but when prices are at above $80 per barrel, this […]