Crude oil prices rose by more than $1 per barrel on Tuesday, May 28, on the expectations that the Organization of the Petroleum Exporting Countries and allies (OPEC+) will maintain the current crude supply curbs, while a weaker US dollar made the commodity more attractive to holders of other currencies. The July contract for global … Read more
The Organisation of Petroleum Exporting Countries and its allies (OPEC+) conducted its joint ministerial monitoring committee meeting (JMMC) earlier this week and kept the supply policy unchanged till mid-2024, while pressing some oil producing nations to increase the compliance with output cuts. The April 3 policy decision by OPEC+ led to a spike in international … Read more
Among other reasons, Ukraine’s drone attack on Russian refineries and OPEC extending its supply cuts till mid-2024 have also dictated the movement of crude oil prices. Overall, the Brent crude’s highest mark achieved in FY24 was $97.69 per barrel in September 2023, after the Israel-Hamas war breakout. The lowest was $71.28 per barrel in May … Read more