U.S., Brazil, and Guyana Render OPEC Oil Output Cut Meaningless

Regardless of how much OPEC cuts oil output, other countries will "fill the hole," warned senior equity trader Rebecca Babin of CIBC Private Wealth, as reported by CNBC.

The supply is now so robust that even if OPEC+ further slashes production, the spigot of oil from non-members will continue to douse the market.

Despite efforts by Saudi Arabia and Russia to support crude prices by cutting production, countries like Guyana, Brazil, and the US have pumped more oil than ever.

The supply is now so robust that even if OPEC+ further slashes production, the spigot of oil from non-members will continue to douse the market, as reported by Aruni Soni for Business Insider.

"We're looking at 2024, and we're concerned that the market is actually going to end up being oversupplied," stressed Babin. “

I think it's more of a supply story going into 2024. There's a lot of fear that no matter what OPEC does, no matter how much they cut, there are producers—non-OPEC producers—that are just going to fill the hole they keep digging."

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