The combination of strategic petroleum releases from major oil importers and the discovery of a new Covid variant sent oil prices crashing last week There was plenty of pressure on OPEC+ to cancel its planned production increase on the back of that bearish news By sticking to its guns but ensuring markets that it would intervene if necessary, OPEC+ was able to regain control of the oil market The OPEC+ decision to stick to its oil production plans early next year came as a surprise to many observers, considering the market noise leading up to last week’s meeting that an oversupply was looming. Going forward, how OPEC+ delivers on the planned increase in monthly production will be critical—more so than the nameplate supply boost it has agreed to each month, Reuters columnist Clyde Russell notes. OPEC+ Meeting Calms Market Roiled By Omicron Fears Last Thursday, OPEC+ surprised the market […]