Oil Has a Pricing Disconnect—and a Trust Issue

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Illustration by Elias Stein

Oil prices fell 1.8% this past week even after OPEC and its allies extended production cuts through 2024 that have taken 3.5 million barrels a day off the oil market. Saudi Arabia also said it would reduce output by a million barrels more in July, reducing its daily production to nine million barrels—the lowest since 2013, outside of the pandemic.