Oil benchmark Brent crude futures have moved sideways in the last 12 months – between April 2023 to March 2024, largely due to the supply cuts announced by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) as well as the Israel-Hamas war. Oil producers including Saudi Arabia and Russia have since defended the oil production cuts as a precautionary measure, aimed at the “stability of the oil market”.
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Published: 30 Mar 2024, 21:12 IST