Organisation of Petroleum Exporting Countries and its allied producers have disclaimed any involvement in the recent decline in oil prices...

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Published (Updated) on Tuesday, March 21, 2023

OPEC+ Denies Oil Price Drop is Due to Production, Blames Financial Fears

The Organisation of Petroleum Exporting Countries (OPEC) and its allied producers have disclaimed any involvement in the recent decline in oil prices. The group asserted that the slump is solely driven by financial fears and not by oil production. According to an OPEC+ delegate who spoke to Reuters, "It’s purely financially driven and has nothing to with the demand and supply of oil."

Reports show that both Brent and WTI experienced a drop of around $3 per barrel yesterday, the lowest since December 2021. WTI also dropped below $65 per barrel. The two oil markers suffered over 10% losses in value last week, a fallout from the ongoing banking crisis.

Oil analysts predict that the recent decline in oil prices is a short-term issue caused by financial fears rather than a long-term concern about oil production. They expect oil prices to recover once the banking crisis is resolved.

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