As late as spring, Opec+ had sent the oil price on an epic downward spiral due to disagreements. The corona demand shock was accompanied by production increases – a perfect storm! The oil cartel reacted belatedly and significantly reduced production. Last week there was another showdown in the oil world. This time it was not about production cuts, but about production increases. In other words, the question of how much can be increased without counteracting the oil price stabilization of the last weeks. With a possible increase in production of two million barrels per day, the stakes were once again high, but Opec+ presented a production increase plan („tapering of the cutbacks“) that came as a positive surprise. According to this plan, production will be increased by 500,000 barrels per day in January. In addition, it will be decided on a monthly basis whether production will be further increased or…
