Oil Prices Set for Yet Another Weekly Decline Despite OPEC+ Cuts ...Middle East

OILPRICE - Economy
Oil Prices Set for Yet Another Weekly Decline Despite OPEC+ Cuts
source : OILPRICE ( Middle East ) () 40
As traders brushed off the news of OPEC+’s deeper production cuts, crude oil prices dipped and are likely to post their sixth weekly decline in a row. OPEC+ yesterday agreed to deepen the current production cuts of 1.3 million bpd by some 900,000 bpd, taking the total to over 2 million bpd. This, however, left traders cold as earlier reports mentioned discussions of additional cuts of up to 2 million bpd. The cuts will be in effect over the first quarter of 2024. "Once the dust settles these initiatives may be enough to sustain the price…

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