Oil started to rise again after a brief drop in price to the $82 level. Saudi Arabia’s fears of the onset of a global economic recession in particular are to blame. The OPEC+ group is therefore unlikely to increase production.
Oil prices on the swing
While at the beginning of the week a barrel of Brent crude was trading at a price very close to $82, on Tuesday everything is different. The price is within sight of $90.Yet in the past week, the price of oil briefly reached almost $96 a barrel.
The market is in a state of uncertainty. The biggest is the expected onset of a global economic recession, which would significantly reduce demand for black gold in all major economies. At the same time, it is uncertain how the OPEC+ countries, which brings together both the traditional OPEC countries and their allies, especially Russia, will approach the development.
Saudi Arabia is clear
Saudi Arabia has made it clear that it does not intend to hold discussions on a possible expansion of oil production beyond the current agreement. Other major miners of the group have similar views on the situation. OPEC+ is due to meet in early December precisely to clarify how much oil it will supply to the global market.