Oil market crashes to deter OPEC+: No need for additional supply!

Citigroup pointed out that the sharp drop in oil prices to the lowest level in over two years indicates that the market does not need additional OPEC+ supply. The global benchmark Brent crude oil price fell below $70 per barrel, leading OPEC to postpone its production increase plans. Analysts believe that in order to balance the market, OPEC+ may need to cut production by 1 million barrels per day by 2025. Traders are bearish on the future outlook, expecting demand to deteriorate and supply to potentially exceed expectations. Nevertheless, analysts still consider the outlook for oil prices relatively optimistic and do not expect them to remain below $60 per barrel in the next three months