Oil prices have now fallen by about 18% since ‘Liberation Day’, and one could make the case for them being in oversold territory – particularly if US tariffs are rowed back further, as we expect. But further signs that Saudi Arabia is willing to push oil prices lower shows that a key downside risk for oil prices that we’ve highlighted in the past is starting to crystalise.
We will be discussing the future of OPEC+, oil prices, and the Gulf in an online briefing on Wednesday 7th May at 1pm BST/8am EST. You can register here.
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