Where are oil prices heading? ...Middle East

Last weekend, on 2 June, the OPEC+ oil cartel agreed to extend oil production cuts until 2025. Previously, the agreement had been set until the end of 2024.Although this news may seem optimistic, prices are still falling. Why? These are cuts on paper, as the countries' overall quota was increased by 300,000 barrels per day (bpd), from 39.425 million bpd to 39.725 million bpd by 2025.Another factor weighing on oil prices is that Chinese manufacturing activity unexpectedly contracted, with the official Purchasing Managers' Index (PMI) falling to 49.5. This has raised doubts about the country's ability to reach its 5% growth target this year. Trade wars between China, the US, and Europe are als

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Where are oil prices heading? ...Middle East

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