Why crude oil prices are under pressure even after surprise output cut from Saudi Arabia
Despite Saudi Arabia's announcement of output cuts and efforts by OPEC Plus to limit supplies into 2024, global crude oil prices continue to remain low due to high Russian oil flows, increased US production, and weak economic growth outlook. Rising inventories and expectations of increased US production alongside a fragile demand further dampen price outlook. Russia's unabated flow of oil and China's struggling economy also contribute to a moderate demand outlook, which may cap potential price gains and keep active US WTI crude prices between USD 79 to USD 64 a barrel.
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