It’s real this time… While we have seen numerous examples of ‘strawman’ headline leaks from OPEC meetings in the past to test the market’s reaction to various scenarios, it appears this one is real as OPEC just issued a statement confirming the outout hikes: “This gradual increase may be paused or reversed subject to market conditions,” according to the statement.  “This flexibility will allow the group to continue to support oil market stability.” The group’s choice may be yet another illustration of the sway of Trump, who last month called on OPEC to “cut the price of oil.” Additionally, Trump’s renewed “maximum pressure” on Iranian exports could create a gap for other OPEC+ nations to fill. OPEC’s decision implies “that the alliance is feeling the pressure of underproduction and concessions of market share to the highest cost producer: the US,” said Joe DeLaura, a former trader and global energy strategist with Rabobank. As a reminder, global oil markets face a supply surplus of 450,000 barrels a day this year even if OPEC+ keeps output flat, as rival supplies – from the US, Brazil, Canada and Guyana – overwhelms growth in consumption, according to the IEA in Paris. *  *  * Bloomberg is reporting, according […]