5 May 2025: 09:30 BST
Price war? Battle for market share? A crack of the whip? The return to realism? Explanations for OPEC’s decision to consecutively accelerate production cut unwinds have been swirling. The market certainly reacted and the Asian session dropped to $59 on the open and just failed to regain the $60 handle by the close, coming in at $59.96/bbl. In difference to the previous announcement, however, this one was almost baked into the market consensus.
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