Oil prices fell again on Monday on news of the restart of the UK North Sea’s Buzzard oil field and Iraq’s decision not to take part in OPEC’s planned production cuts.
Despite the impeding agreement by the Organisation of Petroleum Countries (OPEC) to decrease crude production, analysts are maintaining their expectations low regarding the evolution of crude oil prices.
Crude oil prices jumped sharply on Wednesday after the Organisation of Petroleum Exporting Countries (OPEC) agreed to limit oil production.
Crude oil prices have slipped to $47 per barrel today on low expectations that Russia and Saudi Arabia will actually take significant action to stabilise the oil market.
Oil prices have surged by 3% after Russia and Saudi Arabia announced a joint production freeze agreement in a bid to stabilise the crude oil market.
The current oil price war is changing its course after Saudi Arabia’s announcement that it is not planning to increase oil production to reach its full capacity.
As the storm continues to brew in the Gulf of Mexico, forcing producers to suspend activities and evacuate workers, crude oil prices continue to suffer.