Brent crude oil has been trading in a tight range of $75-$90 a barrel since late 2022 as OPEC+ cuts keep a floor under prices while sizeable spare capacity, ...
LONDON - Brent crude oil has been trading in a tight range of $75-$90 a barrel since late 2022 as OPEC + cuts keep a floor under prices while sizeable spare capacity , demand uncertainty and sanctions policy prevent the market breaking higher.
The International Energy Agency estimates spare production capacity at a historically high 5.8 million barrels per day, nearly 6% of oil consumption, including 3.3 million bpd in Saudi Arabia, 1 million bpd in the UAE, and 600,000 bpd in Iraq.for prices due to a perceived greater risk of disruption to supply, has had a limited impact on oil prices this year.
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