Oil prices on Friday, Nov. 23, reached low levels not seen since October 2017 as waivers on Iran sanctions and rising production from Saudi Arabia and Russia support a surplus scenario.
Source: www.ogj.com
Crude oil prices continue to plummet on fears of a global supply surplus. Waivers on Iran sanctions, rising production from Saudi Arabia, Russia and the U.S. support a surplus scenario. Both WTI and Brent futures fell more than 6% on Nov. 23 to US$50/bbl and US$59/bbl respectively. Prices in the near term could stabilize at current levels ahead of the December 6 OPEC meeting that could announce production cuts to reduce supply.
