With the news at the start of the month that the OPEC+ group was planning to sharply cut production, there was a bit of a jolt to the oil futures markets. The move prompted renewed speculation that oil prices could climb above $100 a barrel.
So far major increases haven’t materialised - it’s early days yet - but the most obvious shock to the system was the geopolitical tensions the move has generated. Basically it was seen as a watershed moment - where the realignment of political sentiments means that the US is not in the driver's seat. Watch this space for more jostling in the political and economic sphere in the months ahead.
Currently, as we go to press, oil is trading at $87 a barrel for Brent Crude.
