Reported about 1 month ago
OPEC+ is nearing a decision to postpone a planned increase in oil production due to a significant drop in prices, which fell below $73 a barrel. Concerns over fragile demand, evidenced by poor economic indicators from major consumers like China and the US, have led key coalition members to reconsider the scheduled hike of 180,000 barrels a day originally planned for October. This pause might help avert a surplus that could lead to lower prices, while data shows that while global crude markets are tight due to summer demand, they are expected to ease significantly after the peak season.
Source: YAHOO