Amid escalating tension between Russia and Ukraine, OPEC+ members recently announced their decision to cut oil production by 2 million barrels /day, citing an uncertain global economic outlook. This move is expected to set oil prices soaring in the near term.
“Due to the decision, volatility will likely return to the market, and despite concerns about the resilience of the global economy, the oil market is tight, all of which should serve as a tailwind for prices in the fourth quarter,” Rohan Reddy, director of research at Global X ETFs said.
