Publication Name: PESA Gazette
Authors: Dale Granger (ed.)
Publication Issue: October 2024
Date Published: October 2024
Number of Pages: 2
https://doi.org/10.36404/GORN9544
Abstract:
Fast escalating geopolitical risk is driving oil prices higher. The intensifying conflict in the Middle East is generating significant supply concern in the global crude market, with prices up more than 4% (in the first week of October). The potential for supply disruptions – particularly, but not exclusively from Iran – increases as the fighting intensifies. But OPEC+ still sits on unusually ample spare capacity, which is the result of successive production cuts over the past two years. This spare capacity is for now preventing runaway prices amid one of the deepest and most pervasive crises in the Middle East has seen in the past four decades.