OPEC+ crude supply in balance, will it persist?! – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

OPEC+ crude supply in balance, will it persist?! – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

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LAST month, the total production of OPEC+ was 42.67 million barrels per day, which was slightly lower than last month. Saudi Arabia is the top oil producer with a rate of 10.46 million barrels, with Russia which is still not much affected by the G7 boycott. The market continues to be comfortable with the oil supply and the acceptable price levels ranging between $80 and $85 per barrel. The concern is not about the current months but the future, especially the last two quarters of this year.

This year, Europe did overcome the winter months but what about the coming two years of 2024 and 2025 while it is building up its logistical supply from different locations and destinations? The Russian oil volume has not been affected much unlike its revenues, which serves as the financial source to fund its Ukraine war. This may lead to shortening the duration of the war.