OPEC+’s meeting on Monday concluded with wide support for a three-month extension to the current level of production cuts, which were set to end in January. The current curbs of 7.7 million barrels per day (around 8%) aim to address to gulf between supply and demand through Covid-19 but has so far been unable to bring oil prices to their pre-pandemic prices of above $60 per barrel – they’re still only $44. Because of this, plans to reduce the cut to 5.7 million barrels per day are highly likely. Another point highlighted at the meeting was the weaker than expected compliance with these cuts, with 4% of production refusing to compensate for past excess production – mostly in Iraq and…