RE:RE:RE:OPEC+ extends deep oil production cuts into 2025I was quite sure they had stopped with releasing the Strategic Reserves and were adding to it when prices declined below $79. At $74 they will be adding some again to the SPR which is supportive.
However besides this, the question is who/why does the oil markets sell off immediately after the OPEC+ meeting where they extended cuts longer in time frame than was thought. I agree that the current admin desperately wants/needs lower oil to reduce inflation and adds to economic growth. I think we have similar speculative thoughts that the markets appear to be manipulated especially since there is a lack of market news with any rationale linking the large 3.6% decline besides the usual softer demand news that is overplayed. In my view I think this is a concrete example of market manipulation.