Oil Market Tensions Persist as OPEC+ Holds Firm on Production Cuts

The OPEC+ group is not expected to ease the ongoing production cuts during their meeting this week, despite the tightening oil market and concerns about demand destruction if prices remain high. Saudi Arabia, the largest crude oil exporter, has extended its extra 1 million bpd cut until the end of the year, contributing to the recent rally in oil prices. Some analysts suggest that Saudi Arabia may start easing the cuts sooner than expected to avoid overheating the market.