Will OPEC+ Cut Again? And Does It Matter If They Do?

As fears about the spread of the Wuhan coronavirus prompted selling in markets around the world last week, oil was one of the hardest hit. Earlier this week, however, when rumors were circulating about possible OPEC action to offset the fall, futures bounced. The question is, is it reasonable to expect action from the cartel and, perhaps more significantly, is that action needed? If you stop and think about it logically, further production cuts based on the coronavirus outbreak would be absurd. This is a headline event that has caused a lot of…