How OPEC+ Punished The Short Sellers

In a move officially intended to support “the stability of the oil market”, the latest production cuts from OPEC+ caught the market by surprise and threw the short sellers under the bus. Amid the oil price selloffs following the banking sector jitters last month, top OPEC+ officials spent weeks reassuring market participants that the plunge in oil didn’t warrant any tweaks to the production cuts agreement. Until they decided it did. A day before a regularly scheduled OPEC+ panel meeting, the biggest OPEC producers in the Middle…