Key Points
Oil benchmark Brent crude futures has moved sideways in the last 12 months - between April 2023 to March 2024, majorly due to the supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies (OPEC+) as well as the Israel-Hamas war..
Among other reasons, Ukraine's drone attack on Russian refineries and OPEC extending its supply cuts till mid-2024 have also dictated the movement of crude oil prices..
-However, Saudi Arabia, OPEC cartel's dominant member, announced that it will alone make deep production cuts of 1 million bpd starting from July, as part of a broader output-limiting OPEC+ deal as the group faces flagging oil prices and a looming supply glut..
-By the end of September 2023, crude oil prices had risen 30 per cent in three months, with Brent staring at the $100/bbl-mark, over the supply cuts by the oil producing majors..
-In October 2023, the Israel-Hamas war drove crude oil prices between 3-6 per cent, however, the momentum could not be sustained as global demand concerns outweighed the impact of supply cuts..
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