Showing posts from May 5, 2024

Stagnating Oil Prices: can OPEC+ ever provide the crucial spark?

Image The members of the OPEC+, who met virtually last week, decided to leave the production cuts unchanged, perhaps in light of stagnating oil prices.  Having failed to shore up the prices by tinkering with the supply side of the oil equation, the de facto leader of the organization, Saudi Arabia, even the raised the price of its flagship Arab Light crude for Asian buyers for the third successive time, while inadvertently leaving the loyalty of the old customers in the region on the line. Although the Kingdom had been in the habit of raising the price of oil for this particular domain in the recent past, only to bring it down a few weeks later, judging by the frequency of price rises, it may not happen very soon this time. According to the latest IMF forecast, Saudi Arabia has to sell oil above $96.20 to make a profit, provided that it maintains its production at 9.3 million barrels per day(bpd).  As of 13:45 GMT on Monday 6, 2024, the prices of WTI and Brent were tra

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