OPEC+ has been withholding 2.2 million barrels of oil supply daily for well over a year now—and it might have to start thinking about these cuts as a long-term policy. The market just keeps refusing to respond to them as OPEC+ wants. The idea of the production cuts was the same as the idea of all OPEC cuts before them: curb supply, let demand take care of any perceived or real surplus, watch prices go up, and then release the withheld supply. It has always worked before. It should have worked again. But it didn’t. It isn’t working…
