Global oil prices have seen a significant decrease, dipping nearly $3.50 per barrel, driven by fears of a slowdown in China and lessened geopolitical tensions.
Reports surfaced that Israel would avoid targeting oil export terminals in Iran, which helped mitigate market panic and contributed to a drop in oil prices this week.
Increased concerns over China's economic slowdown have prompted OPEC+ to cut demand growth forecasts, intensifying fears of an oversupply in the global oil market.
The International Energy Agency warned that with high storage levels and spare capacity among OPEC+, the market may face a notable surplus in the upcoming year.
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