Reasons for Brent crude staying under $100 amid Middle East supply constraints
Even with reduced oil output from the Middle East, Brent crude prices have stayed under the $100 per barrel mark. According to Reuters, this is largely because roughly 4 to 5 million barrels continue to pass through the Strait of Hormuz each day, while Gulf nations are also utilizing different export paths. Furthermore, rising production from non-OPEC countries such as the US, Canada, and Guyana, combined with significant oil stockpiles in China, has helped dampen total demand.
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