From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more
Oil prices swung to $97/bbl-mark in September as the production cuts first announced by oil majors Saudi Arabia and Russia in July, led to a sharp surge in international crude prices posed fresh inflationary pressures for the global economy.
Crude oil benchmark Brent futures has moved sideways in the last one year - between November 2022 to November 2023, majorly due to the supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies (OPEC+) as well as the Israel-Hamas war. Oil majors including Saudi Arabia and Russia have since then defended the oil production cuts as a precautionary measure, aimed at the ‘stability of the oil market’.
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