OPEC+ cut oil production targets by 100,000 barrels per day for the month of October. Though the cut was minimal, it could signal that further production cuts are on the horizon. “The simple tweak shows that we will be attentive, preemptive and pro-active in terms of supporting the stability and the efficient functioning of the market to the benefit of market participants and the industry,” Prince Abdulaziz bin Salman said. OPEC+ reversed on Monday this month’s increase in oil production targets and cut the group’s collective quota by 100,000 barrels per day (bpd) for the month of October. While the move is totally negligible in terms of actual supply to the market, considering not only the slight change in the overall target but also the massive underperformance from the producer group in the region of 2.9 million bpd below quota, the decisions of OPEC+ from Monday sent a strong […]