Several OPEC+ members are set to tighten global production by an additional 1.16 million barrels per day until the end of the year, further burdening central bank efforts to curtail global inflation — but critically protecting the alliance's broader output strategy from political pressures.
While much will be said about the monetary consequences of OPEC's action, Bullard is aware of the potential for the trap:
Oil prices fluctuate around. It's hard...