OPEC

Oil prices have been highly volatile in recent months, influenced by a convergence of factors, most notably excess global production and subdued demand from China, one of the world’s largest oil consumers. This has exerted considerable downward pressure on prices. At the same time, geopolitical tensions, particularly escalating conflict between Iran and Israel, have emerged as critical determinants of price movements. Should these tensions intensify, the market faces the potential for significant supply disruptions, which could push prices sharply higher. The outlook for oil prices in 2024 is marked by significant volatility, driven by a confluence of geopolitical tensions, economic…