Crude Oil Forecast 05/09/2022

5 сент. 2022 г.

Oil bulls have gained decent traction as the announcement of production cuts seems on cards in the OPEC meeting on Monday. The cartel has already signaled for production cuts to offset the recent decline in oil prices. For the oil cartel, weaker prices are always considered an imbalance as they generate lower revenues for oil-exporting nations. Therefore, the oil cartel prefers to keep oil prices higher in order to accelerate revenues.