What More OPEC+ Cuts Mean for the Market

Following a chaotic day of OPEC+ meeting decisions that resulted in additional “voluntary” cut among cartel members, the dust is now settling, and the market is fairly disappointed, with Brent counterintuitively falling right after the announcement before gaining slightly early on Friday.  The cuts mean that the surplus everyone was forecasting for the first quarter of 2024 has now disappeared. In its place will be a deficit, though small.  ING Bank sees this coming first-quarter deficit as lending some upside to oil…