Analysis: The impact of Middle Eastern oil-producing countries' production cuts is far-reaching, and oil prices may surge on Monday
BlockBeats News, March 8, according to analysis by The Kobeissi Letter, at the same time, Kuwait, the UAE, Saudi Arabia, Iraq, and Qatar have all confirmed at least partial suspensions of oil production. Qatar has completely halted the supply of approximately 20% of the world's liquefied natural gas. A bigger issue is that once oil and gas facilities are shut down, restarting production capacity is not an easy task. Once factories stop production, it may take weeks or even months to return to full operational capacity.
The analysis points out that U.S. stock index futures will open in less than 24 hours: however, with oil prices soaring, the market has yet to see any signs of easing in the Middle East situation. Therefore, the next 24 hours are crucial. Unless there is intervention, oil prices seem likely to surge above $100 per barrel.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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