OPEC and the oil price floor
Oilholics Synonymous Report
NOVEMBER 30, 2024
The last few weeks have brought range-bound volatility to the oil market with Brent futures oscillating between $70 and $75 per barrel. For the Oilholic, the now not-so-new Brent price floor is at $70 that OPEC appears to be protecting, although the producers' group rarely publicly comments on oil prices. In the face of subdued global, especially Chinese, demand growth, working to protect a price level rather than market share isn't quite working either.
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