Some analysts, however, are not ruling out a surprise, and warn that with the current oversupply in the market, OPEC+ risks a collapse in the oil price if it doesn't curb its output targets further at the meeting.
Brent crude prices , which hit a 14-year high above $139 a barrel after Russia's invasion of Ukraine, were trading around $88 a barrel on Thursday, staging a modest recovery from near one-year lows close to $80 a barrel hit earlier in the week. Amrita Sen, co-founder of consultancy Energy Aspects, told bank Jefferies that she did not expect OPEC+ to change tack yet.
Its quite simple: -low crude prices before covid -covid slows down economy, crude demand slumps -less crude is pumped as valves are closed -covid is over, economies bounce back, demand skyrockets, supply is still low, prices high -supply increases, prices go down -low crude price
Who would have guessed…oil companies spent all summer price gouging the f*ck out of everyone and now that they recouped what they lost in 20/21 they’re going back to normal-ish.
Ohhhhh noooooooooo
and god forbid they lower their profitmargin...
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