OPEC+ fails to pump enough oil once again last month
The bloc is said to have cut its production 15% deeper than planned in September, as compared with the 16% in August and 9% in July. That just reaffirms that they failed once again to pump enough oil to meet the output target, despite a reduction in the quota - exacerbating the supply deficit in the market.
As mentioned before, OPEC+ is arguably the key driver of supply-demand conditions in the oil market right now as shale players are not coming back into the picture for the time being. With a lack of threat of increasing supply, oil prices are likely to stay underpinned.
