Oil has extended losses below $100 a barrel in the global market, escalating the fear of a slowdown in global markets. West Texas Intermediate futures fell after plunging 8% in the third session. In the Russian market, the oil has given up, and Ukraine drove the price above $130 barrel in March.
The first OPEC outlook for 2023 supposed to be no relief for squeezed consumers, with more oil needed from the group even though most members are already pumping flat out.
US President Joe Biden has repeatedly called on OPEC to pump more and is scheduled to visit Saudi Arabia this week during a tour of the Middle East. The kingdom and the United Arab Emirates are the only cartel members with significant volumes of unused production capacity.