OPEC+ Insists Its Production Cut Was Not Political

Multiple OPEC+ producers defended the group’s decision to reduce production in November in a wave of statements on Sunday and Monday, in what looked like a coordinated response to U.S. criticism of the cut. The United States said last week there would be some consequences for Saudi Arabia for its decision together with Russia to steer OPEC+ into a large oil production cut after OPEC+ endorsed earlier this month a decision to reduce the headline production target by 2 million barrels per day (bpd) as of November. A day after U.S. President…