The OPEC Oil Price Jawboning Has Officially Begun

Oil prices showed some signs of life this week after reports suggested that OPEC+ might consider deeper production cuts at the December meeting in Vienna. Sources told Reuters that the group may announce larger cuts in response to weak demand. Still, it is far from a done deal. Reuters said that Saudi Arabia wants to first get the entire group to adhere to the existing cuts. Iraq and Nigeria, for instance, have produced in excess of their allotments. The attack on Abqaiq meant that Saudi oil production plunged far below what it was allowed to produce…