Oil Output
04/03/2023 |
Starting 5/1/23, OPEC will reduce oil production by about 1.1 million bbl/day. What is most interesting is that OPEC already cut production by two million bbl/day back in 10/22, yet prices kept falling. The key question is, with this cut, will demand finally exceed supply? If so, prices will rise, inflation will worsen slightly, the Fed’s job will be made more difficult, and recession odds will somewhat increase.