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We need to monitor the reactions of Iraq, Kazakhstan, and Russia. These are three countries that are violators of the OPEC+ agreement. If they do not take any swift actions to reduce oil production and supply to the global market, I believe there is a high probability that the Saudi authorities will eventually turn the tap on and Saudi oil will flood the global market. It seems to me that this scenario is much more likely because, ultimately, all agreements within OPEC end up being violated. After that, the agreement collapses, and there is some stress in the market, prices drop quickly, after which they regroup and prices stabilize and start to rise.
#Oil #Saudi Arabia #Russia #Kazakhstan #Iraq #Economy