OPEC Secrecy Isn’t Helping Its Exit Strategy from Production Cuts

This week, the OPEC+ group is meeting to discuss when and how to begin easing the ongoing production cuts. The alliance looks to have dug itself deeper into a position between a rock and a hard place, again. Although they are not publicly admitting it, OPEC and its allies want to keep oil prices fairly high, as many of these need oil to trade at least above $80 per barrel to avoid budget deficits, and even above $90 a barrel for most, including Saudi Arabia.   OPEC’s Dilemma However, higher oil prices are also helping non-OPEC+ supply…