OPEC+ cuts oil supplies to the world as prices have fallen
Recently, recession fears have taken the upper hand. Economists in Europe are penciling in a recession at the end of this year due to
In June, fears that U.S. and European sanctions would take Russian oil off the market helped push Brent to over $123. Prices have fallen sharply in recent weeks as it became clear that Russia is still managing toBut concerns about the loss of Russian supply are still out there because European sanctions aimed at blocking most Russian oil imports won’t take effect until the end of the year.
That’s if the cap works as intended. Russia could refuse to supply oil to countries and companies observing the cap, which would take barrels off the market. The price cap has not been set, and its influence on the global price remains unclear.
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