Bureau of Land Management
The bank's analysts stated that the alliance's failure to reduce supply "is expected to put significant negative pressure on prices."
In the upcoming days, the cartel and its partners "should announce production cutbacks of at least 0.5 million bpd," according to UBS.
The bank emphasized that oil prices are falling due to concerns that a potential recession will result in lower demand and higher supply on the oil market. Prices are also being pressured by the financial markets' declining risk appetite and the fast tightening of monetary policy in the U.S. and Europe.
source: cnbc.com
In the upcoming days, the cartel and its partners "should announce production cutbacks of at least 0.5 million bpd," according to UBS.
The bank emphasized that oil prices are falling due to concerns that a potential recession will result in lower demand and higher supply on the oil market. Prices are also being pressured by the financial markets' declining risk appetite and the fast tightening of monetary policy in the U.S. and Europe.
source: cnbc.com
