Oil Prices Stabilize Despite OPEC's Production Cuts

Crude oil prices stabilize after recent losses, supported by Saudi Arabia's commitment to implementing production cuts and extending them if necessary. Geopolitical factors, such as attacks on ships in the Red Sea and the end of the Israel-Hamas ceasefire, provide additional support. However, concerns about global oil demand persist due to weak factory orders and compliance doubts within OPEC+. ING expects OPEC+ policy to continue driving the oil market in 2024, but acknowledges risks due to the lack of universal agreement on the cuts within the group.