The Organization of the Petroleum Exporting Countries and allies (OPEC+) are expected to extend or deepen oil supply cuts into next year due to a drop in Brent prices and concerns about non-OPEC supply and softening demand. Saudi Arabia, Russia, and other OPEC+ members have already pledged to cut oil output by about 5 million barrels per day. Analysts predict that OPEC will ensure Brent prices remain in a range of $80-$100 by leveraging its pricing power. The OPEC meeting is expected to extend existing cuts and potentially seek further cuts among OPEC+ peers.
image sourced from original article at https://www.dailymail.co.uk/wires/reuters/article-12771027/ANALYST-VIEW-More-OPEC-cuts-likely-year-oil-prices-plunge-analysts-say.html
Original article source: https://www.dailymail.co.uk/wires/reuters/article-12771027/ANALYST-VIEW-More-OPEC-cuts-likely-year-oil-prices-plunge-analysts-say.html
Source Id: 7845898767