The OPEC+ decided to extend its voluntary oil production cuts by 2.2 million barrels per day until the end of 2025. This positive news, however, failed to halt the decline inand WTI crude oil quotations continue to slide due to concerns about the potential abandonment of the cuts by some OPEC+ members down the line.
Beyond the OPEC+ decision, global economic factors also play a role. Record production from Canada, Brazil, and especially the US is expected to significantly increase global oil output next year, according to OPEC+ forecasts. This could unblock the Red Sea oil shipping route, which has been largely abandoned due to Houthi attacks on merchant ships. However, any potential disruption from this source remains a concern.The downward movement has pushed WTI crude oil prices near a crucial support zone around $72 per barrel. While a local rebound is possible, the combination of factors favoring the supply side suggests the downward trend is likely to continue.
Crude Oil WTI Futures
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