Here is the link. The comment section also has it detailed
The articles buries the lead here, which is that this seems to not be a production cut but rather a quota cut. That's important because OPEC+ has lagged its production quota amounts by something like
3 million barrels a day, so total oil output is unlikely to be affected. It's meant to send a signal to the markets, but that signal can also be for countries like the US to step up its own production, which has been about 400-600K barrels per day higher than it was pre-invasion. Some of that will probably be down because of the hurricane, but the long term direction is a risk to OPEC+ because oil is stabilizing at these higher prices that make it profitable to frack.
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Qubeye
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19 hr. ago
They are currently producing 3 million less than they say they will.
Now they are gonna promise 2 million less, meaning they are going to produce 1 million less than they say they will.
They will continue to produce the exact same amount of oil.
Despite identical production, the quota change will change prospectives and cause prices to go up.
The amount we have to pay for gas will still go up, increasing their profits despite identical production.
Do I have that right?