In reports concerning how Europe plans to deal with the loss of / reduced imports of oil from Russia was this snippet.
- In the meeting with OPEC, the EU said OPEC could provide more production from its spare capacity, according to an OPEC document seen by Reuters.
The head of OPEC was not impressed (ego clashes rarely have positive outcomes):
- Barkindo said the current highly volatile market was a result of "non-fundamental factors" outside OPEC's control, in a signal the group would not pump more.
I am not sure how many signals are needed before everyone accepts that OPEC will not be pumping more. They are in bed with Russia (OPEC+), both are very happy with relatively high oil prices (though well down from their recent high).