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Since the beginning of 2022, OPEC+ has done an exceptional job of implementing its production cuts of 3.6 million barrels per day at a time when conflict in the Black Sea region and the Middle East has rerouted the world’s oil trade. Shipping traffic through the Suez Canal is down by over 80% from its pre-October 2023 levels (Figure 1). Russian oil, which ...
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Oil prices continued to decrease on Tuesday due to the cautious stance of Fed officials despite the recent softening of inflation. This has raised concerns that US interest rates may remain elevated for an extended period. The prices of Brent crude and WTI futures have both decreased by almost 2% from yesterday, with Brent crude trading at $83.11 per barrel ...