OPEC+ managed to stabilize oil prices after what had been an incredibly volatile week, with the cartel adding plenty of caveats to its decision to stick to its plan vis-a-vis oil production increases. Friday, December 3rd, 2021 The most anticipated event of the week – a decision from OPEC+ on whether or not it would halt its monthly 400,000 b/d oil production increase – ended up being a bit of a non-event as the countries agreed to stick with the original plan but maintained the option to reverse that decision if necessary. Whilst oil prices did originally fall on the news, subsequent details about the caveats involved placated the market’s fears of OPEC+ disregarding Omicron risks. First, OPEC+ vowed to reconvene quickly if market conditions shift. Second, countries that have heretofore overproduced their quotas will see their upcoming production targets capped so as to balance their annual numbers. These […]