🌟🌟🌟OPEC members have decided to postpone plans to increase production due to a lukewarm outlook for global demand of oil. OPEC is now restricting its combined production to 39.725 million barrels per day until December 31 2026.
With Donald Trump as President of the US in January 2025, he plans to unleash the output of oil in the US and that may lead to further drops in oil prices.
However there is still conflict in the Middle East and Ukraine. So if there is any additional increase in geopolitical conflicts, oil prices could still rise.
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