Following several weeks of decline, oil prices began to climb early on Monday morning on expectations of an OPEC+ production cut. Reports suggest that Russia is eager to cut production by 1 million bpd, with analysts from ANZ saying anything less than 500,000 bpd will be shrugged off by markets. If OPEC+ does cut production substantially, there is a risk that oil prices would spike and add to the global inflation problem. After several weeks of declines, oil began October trade with a gain driven by plans by OPEC+ to reduce production by a substantial amount. At the end of last month, the media reported that Russia had proposed a production cut of 1 million bpd. Later reports said discussions are underway for an even bigger production cut. “Anything less than 500,000 barrels a day would be shrugged off by the market. Therefore, we see a significant chance of […]