• Home
  • OPEC+ views oil price drop as financially driven
OPEC+ considers the drop in oil prices to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilize. Oil sank to a 15-month low on March 15th on concerns about contagion from a banking crisis, and then stabilized on March 16th after Credit Suisse was thrown a financial lifeline by Swiss regulators. The comments will dampen speculation that OPEC+ is concerned about weakening prices and might consider further steps to support the market.

OPEC+ views oil price drop as financially driven

OPEC+ considers the drop in oil prices to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilize. Oil sank to a 15-month low on March 15th on concerns about contagion from a banking crisis, and then stabilized on March 16th after Credit Suisse was thrown a financial lifeline by Swiss regulators. The comments will dampen speculation that OPEC+ is concerned about weakening prices and might consider further steps to support the market.

Issue:
Country:
Subscribe to Receive Latest Updates from GIF.