As Oil Market Cools, Several Upside Risks Loom Large
Oil prices fell from their peak levels of over $120 per barrel for WTI in June 2022 to around $70 by now. Expectations by the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) highlight concerns over global demand. At the same time, rising production of non-OPEC countries, mainly in North…