Oil Markets Experience Volatility Amidst Economic Uncertainty.
TL;DR
Oil prices have been capped by fears of demand destruction due to economic woes despite OPEC+ announcing a production cut. Diesel prices have been shrinking for the past six months due to cyclical sensitivity. The Iraqi federal government and Kurdistan’s regional authorities have signed a temporary deal to resume oil exports through Turkey. The French court has ruled against TotalEnergies’ halted refinery. US oil major ExxonMobil will exit its self-operated license blocks in offshore Brazil after its exploration drilling program failed to yield any commercial discovery.
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