With recession fears growing and OPEC+ eager to keep prices high, the group may well be forced to make another production cut.
OPEC+ cut its production target by 100,000 bpd this week, a move that was largely symbolic due to the group’s underproduction.
The token 100,000-barrels-per-day cut announced this week is largely irrelevant to the oil market balance. But it sent Another major uncertainty in supply, this time a bearish factor for oil prices, is the possibility of a revival of the Iranian nuclear deal, although the latest developments point to a in the indirect EU-mediated U.S.-Iran talks on a final draft of a possible agreement.
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