Does OPEC Still Hold Sway Over U.S. Oil Markets?

Earlier this year, OPEC and its partners announced that it would begin to ease production cuts for members in the fall. However, with oil prices in steep decline, the group just announced a pause in these plans. This decision eased concerns about potential oversupply as the fall season approaches, and helped reverse the decline in oil prices. OPEC+, which includes non-OPEC members such as Russia, had originally planned to boost output by 180,000 barrels per day in October. This was part of a larger strategy to reintroduce 2.2 million barrels of…