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OPEC+ Production Cuts

April 14, 2023

Saudi Arabia and other OPEC+ countries announced they would cut production further by 1.16 million b/d from May to December 2023.  This output cut adds to a reduction of 2 million b/d agreed to during the 33rd ministerial meeting in October 2022.  However, McQuilling holds a different view than others on the potential reason for this sudden production cut – more due to the potential for a protracted recession on the horizon instead of its revenge for the United State not filling SPR as promised.  Based on the long-term macro-observation, when OPEC cuts lead to a crude ...

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