The latest oil supply shockwave unleashed by OPEC+ is set to swell a surplus later this year, pressuring prices for producers the world over while answering US President Donald Trump’s calls for lower fuel costs.
OPEC and its allies have reason to believe the surge will find buyers, at least in the short-term, and price hikes by group leader Saudi Arabia following the decision symbolize that confidence. But even before Saturday’s surprise move — taken after just 10 minutes on a video conference call — global oil markets already seemed to be on borrowed time before the arrival of a winter glut.