Oil Steadies After Wild Ride Amid OPEC-Headline Turmoil

The transcript discusses OPEC's firm control over oil market narratives, particularly in response to reports and market reactions. It highlights the weak demand in China due to its COVID-19 policy and the implications for OPEC's decision-making. The discussion also covers key data points that will influence OPEC's decisions, including China's imports and refinery run rates. Additionally, it examines Russia's potential output reduction in response to EU price caps and the broader economic concerns about a possible recession.

What potential actions might Russia take in response to the EU's price cap on oil?

What concerns do traders have regarding the global economy and its impact on oil prices?