Crude oil prices have fluctuating after Saudi Arabia joined with Russia to cut crude oil supply.
PUBLISHED : 20 Oct 2023 at 16:05
In the third quarter of 2023 (1 July – 26 September), the average ICE Brent price increased by $7.5 per barrel QoQ to $85.5 per barrel due to tighter market supply, after OPEC and its allies (OPEC+) collaborated to elevate prices.
OPEC+ extended timeline of reducing crude oil production by 3.66 million barrels per day, from the end of 2023 to the end of 2024. Furthermore, OPEC+ reduced baseline of crude production…
