OPEC+ Reshaped the Calculus for Oil Markets and Spawned a Record Glut

The International Energy Agency forecasts a surplus approaching 3 million barrels a day by next year. By Grant Smith Saudi Arabian Oil Co. workers in the Khurais oil field. Photographer: Maya Sidiqqui/Bloomberg The impact of this year’s dramatic policy reversal by OPEC+ is now becoming clear. This week’s reports from two of the oil industry’s … Read more