News Snapshot:
The analysts (including myself) and journalists who cover the global oil markets sometimes mistake market developments for a game of Risk with two or more masterminds playing for mastery of the board. This week's meeting of OPEC+ member countries, which cut the global crude oil supply by 2.0 million barrels per day (b/d), is a case in point. With the whole world watching, this decision may be over-analyzed for its geopolitical portent. Reporting has suggested it represents a snub of the Biden administration, a realignment of Saudi Arabia with Russia over the United States, a punishment of Europe and Ukraine,...
