Middle East Producers Cautious To Hike Prices In Tight Market

Tensions in the Middle East escalated just as oil prices declined into potentially dangerous territory for major OPEC+ players such as Saudi Arabia. Before October 7, Dubai was as low as $85 per barrel, borderline fiscal breakeven for Riyadh and it felt as if the bond sell-off earlier in the month could scupper the voluntary production cuts of Saudi Arabia and Russia. Throughout the second half of October, oil prices have shrugged off the scrapping of sanctions on Venezuela, rising US crude inventories and gradually weakening refining margins and…