Oil prices fell sharply on Wednesday (September 7th), slipping below levels seen before Russia's invasion of Ukraine as dismal Chinese trade data and growing fears of a global economic recession hurt fuel demand.
West Texas Intermediate (WTI) oil futures for October delivery plunged US$4.94 or 5.7 percent.
With lower prices this time it is a good opportunity to supply companies that are optimistic about surviving the recession and tightening monetary policy.
This week, OPEC+ is scheduled to discuss oil production cuts as part of their future strategy.
OPEC+ revised the market balance this year and expects demand to lag supply by 400,000 barrels per day (bpd) compared to the previous estimate of 900,000 bpd.
However, the group of major oil producers expects the oil market to be in deficit by 300,000 bpd by 2023.
West Texas Intermediate (WTI) oil futures for October delivery plunged US$4.94 or 5.7 percent.
With lower prices this time it is a good opportunity to supply companies that are optimistic about surviving the recession and tightening monetary policy.
This week, OPEC+ is scheduled to discuss oil production cuts as part of their future strategy.
OPEC+ revised the market balance this year and expects demand to lag supply by 400,000 barrels per day (bpd) compared to the previous estimate of 900,000 bpd.
However, the group of major oil producers expects the oil market to be in deficit by 300,000 bpd by 2023.
