Oil Prices Set to Drop below $60 by Year-End ...Middle East

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Oil Prices Set to Drop below $60 by Year-End
source : OILPRICE ( Middle East ) () 81
Oil prices could fall below $60 per barrel by the end of the year as OPEC+ continues to unwind production, analysts say after the group began rolling back the last layer of output cuts.   On Sunday, the eight OPEC+ producers – Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman – tapped the 1.65 million barrels per day (bpd) cuts announced in April 2023. The producers will return 137,000 bpd of these cuts to the market in October, “in view of a steady global economic outlook and current healthy market…

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