Crude prices are soaring as OPEC+’s main players focus on limiting supplies.
Saudi Arabia’s 1 million barrel-a-day output cut and Russian export decrease are causing concerns for consumers.
The supply imbalance is predicted to be 2.7 million barrels a day in the fourth quarter.
The West’s ally Riyadh and Moscow are united in their quest for higher pricing, leading to crude tightness and increased prices.
Brent has increased 20% since July 1, and diesel prices in New York have risen by a third.