Saudi Arabia and its partners in OPEC Plus decided to postpone their plans to gradually increase oil production until the end of December, likely to avoid upsetting markets ahead of the U.S. presidential election.
The delay was anticipated by analysts, particularly in light of the recent downward drift in oil prices and geopolitical tensions momentarily easing.
While oil prices briefly exceeded $80 per barrel due to fears of conflict in the Middle East, they recently fell to around $73 as focus shifted to weak demand, especially from China.
Analysts have noted that despite tensions in a pivotal oil-producing region, current prices around $80 per barrel are viewed as relatively low given those geopolitical concerns.
Collection
[
|
...
]