Opec and partners must maintain market status quo | Energy – Gulf News:
The global oil markets have no control when confronting multiple economic and geopolitical factors, which have had serious repercussions on the economies of oil producing countries despite trying their best to cope with such periodic crises.
Yes, for a change, some of these countries did manage to handle the most recent oil crisis better, thanks to coordination among Opec+ countries. Yet, the challenges facing such a coordination are growing due to rapid economic developments outside the influence of these oil producing states.
For example, the price of Brent crude fell below $60 a barrel, despite the renewal of the production cut agreement by Opec+. In addition, oil prices have taken a different path unlike in the past, when they go up in the third quarter in preparation for winter and the consequent increase need for stockpiling by consumer countries.
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