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OPEC+ Slams Reuters Leak On Oil Plans As "Wholly Inaccurate And Misleading"
['Tyler Durden']
ZeroHedge News
Submitted by Julianne Geiger of OilPrice.comReuters and its anonymous (oil-shorting) sources are again stirring the oil market.
This time, the wire says OPEC+ is preparing another supply hike in November, with Saudi Arabia pushing for something big and Russia urging restraint.
But if recent history is any guide, a report of rising quotas doesn’t necessarily translate into rising barrels... and OPEC is getting increasingly irritated with the narrative.
The result is market theater: Reuters reports a glut-in-the-making, OPEC pushes back to protect the narrative, and prices swing on expectations rather than evidence.
Brent crude is already down more than 7% this week on the latest supply-hike chatter, even though the “extra” oil hasn’t actually arrived.