Can OPEC+ Boost Oil Prices Next Year?

OPEC+ disappointed the oil bulls last week by announcing voluntary cuts from several producers and failing to agree on a group-wide supply reduction, at least for the first quarter of 2024, when demand is typically at its lowest. The alliance and its most prominent members, Saudi Arabia and Russia, rushed to calm the market – where oil prices were already sliding following the underwhelming meeting last week – that OPEC+ could intervene again and extend or deepen the cuts should supply and demand balances warrant it.   The OPEC+…