OPEC+ Cuts Quota by 2 Mbd. CNBC Karen Reporter Accuses OPEC Of Supporting Russia. AIA 10-8-22

As most of you know the OPEC members decided on a 2 million
barrel per day reduction to their production quota. This is not
necessarily a cut in production because the organization members
were already underproducing their quotas by 3.5 million barrels.
 


Nevertheless, this is a big boost for oil prices because it
represents a sentiment shift in oil markets. Of course, oil
markets responded by rallying. I discuss the second-order effects
in this video.