The current environment of the oil market
The oil market is going through a period of uncertainty, with the price of Brent below 73 dollars per barrel and the WTI close to 69 dollars. These fluctuations have been influenced by recent geopolitical events, in particular Israeli attacks against military targets in Iran. Although such attacks raised initial concerns, the choice to avoid oil infrastructure led to a partial recovery of losses
in the market.
Market reactions and forecasts
Market reactions were immediate. Citigroup has revised its forecasts for the price of Brent downwards, highlighting a decrease in the risks associated with the conflict in the Middle East. Despite tensions, the Iranian oil industry continued to operate normally, with no signs of an immediate response from Tehran. This has helped to stabilize the market, shifting attention to factors such as abundant supply and concerns related to Chinese demand
.
Future perspectives and OPEC+ decisions
Looking to the future, OPEC+ announced its intention to gradually restore oil production starting in December. This plan will be the subject of discussion during the meeting on December 1, where producers will evaluate the output policy for 2025. Expectations of increased production could further influence oil prices, especially in a context of uncertain demand from China, the world’s largest importer of crude oil
.