Oil prices may fall again if there is another surge in Coronavirus cases.
In recent weeks, oil demand has really suffered a setback.
OPEC’s policies were truly influenced by the 2014 fall in price.
The cumulative OPEC+ cut in August and September would be some 8.4million bpd.
Traders believe if supply comes back from these areas, prices cannot reach the $50 mark.
OPEC is hoping Shale Oil loses steam and goes on the wane.
JP Morgan Chase had predicted that oil prices would shoot up as high as $190 a barrel in 2025.
Now we have Oil markets leeching on a relatively insignificant demand for travel.
It is evident that the world can no longer rely on Oil for the sake of the world's health.
OPEC has been regarded as a cartel and has acted as a cartel of late.