High Power Prices Are Undermining Europe's Renewable Energy Plans

1. Drastic OPEC+ Cuts Signal Group Cohesion- Having met in person for the first time in more than two years, OPEC+ agreed to cut oil production in November 2022 by 2 million b/d from current production targets, setting it on a collision course with the US. - Because OPEC+ has already been underperforming by almost 4 million b/d, the real output curbs would amount to some 1.0-1.1 million b/d, according to the Saudi energy minister. - The deal sent oil prices back to territory that most OPEC+ countries feel comfortable with, as ICE Brent is back…