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.
Saudi Arabian Oil Co. workers in the Khurais oil field.
Photographer: Maya Sidiqqui/BloombergThis article is for subscribers only.
Welcome to our guide to the commodities markets powering the global economy. Today, oil reporter Grant Smith discusses how the coming months will test OPEC’s resolve as the cartel puts more barrels on the market.
The impact of this year’s dramatic policy reversal by OPEC+ is now becoming clear.