Oil prices are increasingly likely to rise towards the end of the year and into 2024, we now expect, for two primary reasons.
The OPEC+ reductions to oil production announced last week of more than two million barrels a day — half of which come from Saudi Arabia — could run past the first quarter, according to the country’s Energy Minister.
Although the cuts have had little impact on prices so far, it could be reasonably expected that as the cuts continue, they will begin to fuel price rises — especially as there’s no obvious sign that the Saudis are in a rush to remove the reductions to the oil they send to the rest of the world.
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