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Will OPEC+ Cut Production In Early 2023?

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The OPEC narrative for 2022 was largely about the realities of supply and demand against the backdrop of a post-pandemic war that sparked sanctions and a European energy crisis with the counterweight of a Chinese covid crisis.  From the Saudi standpoint, OPEC’s move to cut production by 2 million barrels per day in November last year - while highly controversial in Washington - served to stabilize the market. From the U.S. standpoint, it was all about politics, at a time when the Biden administration had been doing everything in its…

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