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The key reason why OPEC+ will continue to surprise with additional oil output cuts is simply that Saudi Arabia and many other OPEC countries need oil prices higher to survive and prosper
WTI crude oil futures sank below $70 per barrel on Tuesday as a shakily forged debt ceiling deal threatened to disrupt financial markets
Oil prices drop over 4% amid concerns of U.S. debt ceiling pact and uncertain supply outlook ahead of OPEC+ meeting.
The shorts might be in for another big short squeeze as it's becoming clear that Saudi Arabia's main interest is maintaining crude prices high instead of staying in Washington's good books
Deputy Prime Minister Alexander Novak, hinted yesterday he did not expect any change in policies at the next OPEC+ meeting