OPEC Meeting: Will Saudi Arabia And Russia Cool Oil Prices?

OPEC Meeting: Will Saudi Arabia And Russia Cool Oil Prices?

Share to Linkedin OPEC+ has shown it has what it takes to control oil prices. Without their support, it is hard to imagine the strong recovery in oil prices we have recently witnessed since oil futures traded below zero for the first time in history last year. OPEC+ is once again in the spotlight, and all eyes are on Saudi Arabia and Russia“”the biggest players controlling the oil supply narrative. A graph showing large selling of global stock markets, crashing in 2020 on global fears including a ... [+] pandemic and oil prices. 3D illustration Brent and Crude oil have experienced selling pressure for the past three days, but their prices are recovering today. Brent is trading at $62. 89, and it is up 21% year-to-date (YTD), while Crude oil has soared nearly 23% YTD. Although many fundamental factors have influenced the oil price since its crash last April, the coronavirus vaccination process remains the most important factor. Oil investors are confident that the Covid-19 vaccine will put an end to this disaster as it brings the world one step closer to its normal economic activity. This optimism has supported the oil demand. Tomorrow, the OPEC+ alliance is set to