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OPEC+ supply cuts, combined with global events like Russia's invasion of Ukraine and the COVID-19 pandemic, drive a renewed momentum in oil prices nearing $100 per barrel, posing challenges for U.S. economic stability ahead of a presidential election.
The Saudis and the Russians may have taken a risk with their cuts, but with Brent at $95 per barrel, both incumbents have seen their oil revenues increase compared to earlier this year
The tax helps the government to raise more resources to subsidise the prices of LPG and CNG for consumers.
Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and UAE will officially join the group in Jan 2024
Oil Updates: "But with investors now questioning the resilience of the global economy going into next year against the backdrop of higher interest rates for longer, that bullish bias in oil markets may become more balanced," said Craig Erlam, an analyst at OANDA.