The BP (LSE: BP) share price has had a great start to the week. As I write, it’s the biggest mover on the FTSE 100, up 4%.

The OPEC+ decision to cut production by around 1m barrels of oil a day,

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is leading to concerns that supply won’t keep up with demand.

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The surge in a barrel of oil to $84 on the back of the OPEC+ decision, in my opinion,

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provides an early indication that the cartel is once again beginning to reassert its dominance in global energy markets.

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Only last month leading exploration and production companies in the US were warning that supply-side constraints were becoming severe.

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As the Devon Energy CEO put it: “We’re just on a razor”.

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