The OPEC+ group has recently stated that it would reduce its oil production target by two million barrels daily, with actual cuts ranging between 1 to 1.10 million bpd. The group intends to stop oil prices from dropping further with this move.
Oil prices have retreated significantly from their summer highs. However, according to Morgan Stanley (MS) strategist Martijn Rats, in the light of factors such as the OPEC+ production cuts, winding down of the U.S. strategic petroleum reserves, and Russian energy supply disruptions due to the continued war, crude prices could skyrocket once again.
