The Next Major Wildcard For Oil
The Next Major Wildcard For Oil
Oil prices have been reeling ever since OPEC+ talks collapsed due to major disagreements by its members. Major cracks appeared in the ministerial meeting with the United Arab Emirates continuing to block an agreement because it wants to increase its oil production before demand falls as per WSJ. The market fears that the UAE might "want out of OPEC so it can pump 4M bbl/day and make hay while the sun shines," Phil Flynn, market analyst at Price Futures Group, has told MarketWatch.
But, somehow, the oil price outlook keeps getting worse.
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