Crude oil prices have been in a “slump” since mid-June, and it appears OPEC+ thinks they have fallen far enough. Saudi Prince Salman stated “OPEC stands ready to cut output to correct a recent oil price decline driven by poor futures market liquidity and macro-economic fears, which has ignored extremely tight physical crude supply.” As Anas Alhajji described it, we now have the OPEC put providing a floor for market prices, and the Biden SPR call providing long term incremental demand to refill the US strategic petroleum reserve (SPR).
You can read more from Reuters in the link here, and below:
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