RE:RE:Opec+ Market is dumb. Full stop. I have been adding stock and options yesterday and today.
As for the OPEC meeting, the proposed unwinding of 2.2m bpd voluntary cut starts in October (data defendant mind you) and last one year. The balance of the cuts get extended to the end of 2025. If demand hits ipex estimates of 104m bpd in q4 then we need every barrel possible to meet that number. Even the EIA/IEA thinks demand will be at 103m bpd at that time. Bullish notwithstanding whatever the market does now. Also bear in mind that if Biden releases barrels from the SPR then that is a data dependent event, and OPEC will pause.