Oil market turmoil: OPEC+ grapples with shifting dynamics – Liam Denning

In the labyrinthine world of oil production, OPEC+ finds itself bewildered as the market stumbles over its latest adjustments. Despite attempts to clarify, Brent crude falters, prompting defensive rhetoric from ministers. Meanwhile, as Saudi Arabia's energy focus wavers amidst geopolitical distractions, major shifts unfold elsewhere. ConocoPhillips' $23 billion acquisition and Saudi Aramco's stock offering signal a seismic consolidation in the industry, emphasizing resilience over-exuberance. While OPEC+ struggles to manage prices, competitors like Conoco streamline operations, challenging the cartel's dominance. As the energy landscape evolves, adaptability becomes paramount in a narrative where old strategies no longer guarantee success.

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By Liam Denning

OPEC+ is mystified that the oil market somehow misread the latest tweaks to its lattice of oil production targets, carve outs and claw-backs that now have all the clarity of a tax form. Brent crude hiccupped after the oil exporters' club met and indicated it wants to unwind some output cuts.

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