Commentary
The world is facing a precarious moment in the oil market. The recent decision by OPEC+ to extend production cuts has raised concerns about the potential impact on the global economy. While the move may benefit oil producers in the short term, it may be a misguided action that could also have unintended consequences that could harm the broader economy and oil demand with it.
OPEC should remember that after a burst in oil prices due to unnecessary cuts comes a massive slump due to a recession.
Why did OPEC announce a surprise production cut of 1.16 million barrels per day (bpd)?…