🔁Mario Nawfal:
OPEC+ POURS ON THE OIL AS PRICES DIP
Saudi Arabia, Russia, and 6 other oil giants are opening the taps and adding 411,000 more barrels of oil every day in July.
This is not a tiny boost either. It is more than triple what they usually do each month.
For a long time OPEC+ had been holding back oil to keep prices up.
But now they are flooding the market just as prices are already at their lowest in four years.
Brent crude is about 62 dollars a barrel and West Texas oil is around 60.
Some think this is about more than just oil.
Trump has been calling for cheaper gas in the United States and it looks like Saudi Arabia is playing along.
The move comes after a big meeting where OPEC ministers agreed to ramp up production.
They say it is about keeping the market healthy.
But others think it is a slap on the wrist for countries like Kazakhstan that have been ignoring the rules and making way too much oil.
Experts say this surprise will not cause prices to crash when trading opens Monday because traders were ready for it.
So for now this oil flood might just leave the market with a wet floor and some raised eyebrows.
Source: AFP
https://x.com/MarioNawfal/... https://x.com/MarioNawfal/...
OPEC+ POURS ON THE OIL AS PRICES DIP
Saudi Arabia, Russia, and 6 other oil giants are opening the taps and adding 411,000 more barrels of oil every day in July.
This is not a tiny boost either. It is more than triple what they usually do each month.
For a long time OPEC+ had been holding back oil to keep prices up.
But now they are flooding the market just as prices are already at their lowest in four years.
Brent crude is about 62 dollars a barrel and West Texas oil is around 60.
Some think this is about more than just oil.
Trump has been calling for cheaper gas in the United States and it looks like Saudi Arabia is playing along.
The move comes after a big meeting where OPEC ministers agreed to ramp up production.
They say it is about keeping the market healthy.
But others think it is a slap on the wrist for countries like Kazakhstan that have been ignoring the rules and making way too much oil.
Experts say this surprise will not cause prices to crash when trading opens Monday because traders were ready for it.
So for now this oil flood might just leave the market with a wet floor and some raised eyebrows.
Source: AFP
https://x.com/MarioNawfal/... https://x.com/MarioNawfal/...
7 days ago
