OPEC+ cut its production target by 100,000 bpd this week, a move that was largely symbolic due to the group’s underproduction. After an initial spike in prices, markets appear to have taken the OPEC+ decision to cut its production target as an admission of weak demand. With recession fears growing and OPEC+ eager to keep prices high, the group may well be forced to make another production cut. OPEC+ may have to make much deeper cuts to their collective oil production targets this winter as a recession looms over Europe as it struggles with a severe energy crisis and China shows signs of waning oil demand. The token 100,000-barrels-per-day (bpd) cut announced this week is largely irrelevant to the oil market balance. But it sent a strong message to the market that the OPEC+ alliance is back in price-watch mode and appears determined not to let oil fall too […]