OPEC+ Cuts Quota by 2 Mbd. CNBC Karen Reporter Accuses OPEC Of Supporting Russia. AIA 10-8-22

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English - October 09, 2022 12:24 - 1 hour - 63.1 MB - ★★★★★ - 17 ratings
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As most of you know the OPEC members decided on a 2 million barrel per day reduction to their production quota. This is not necessarily a cut in production because the organization members were already underproducing their quotas by 3.5 million barrels.

Nevertheless, this is a big boost for oil prices because it represents a sentiment shift in oil markets. Of course, oil markets responded by rallying. I discuss the second-order effects in this video.