Brent crude prices are hovering around $80 per barrel, marking the fourth consecutive weekly decline in a trend that has captivated the attention of investors and industry experts alike.
A significant factor contributing to the downward pressure on
oil prices is the ongoing discord within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, particularly involving African nations such as Nigeria and Angola. These countries are pushing for higher oil output, a move that runs counter to the current stance of
OPEC and its allies, who are wary of further contributing to the existing oversupply in the market.
The new conference date is set for November 30, a delay of four days from the initial plan. The postponement has already had repercussions, causing crude prices to plummet by as much as 4.9% to dip below the $80 per barrel mark in London on Wednesday.
Meanwhile, the United States has been experiencing record oil output and surging inventories for the past three weeks, adding to the global supply glut. This surge in production is contributing to the challenges faced by OPEC+ in stabilising the oil market.
Additionally, European business activity in November is exerting further pressure on oil prices. The combination of these global factors has led to
crude oil meandering around the $80 per barrel mark, keeping the market on edge as stakeholders closely monitor developments.
For more, watch the accompanying video