The outcome of this week’s Opec+ meeting has served as a Rorschach test for oil market participants. For some, the decision to hold steady with the plan to ease cuts by just 400,000 b/d in November is proof of the coalition’s willingness to ignore noisy oil price fluctuations and maintain its focus on broader market dynamics.

For others, it is proof that producers have been seduced by higher oil prices and have abandoned a commitment to flexible decision making. (CONTINUED - 915 WORDS)