The price of crude oil has dipped again.
This, in the wake of a report in the Financial Times on Thursday that Saudi Arabia will start unwinding its voluntary production cuts from December 1st.
Brent, the international benchmark, dropped by 3% to US$71 per barrel while West Texas Intermediate fell 2% to below US$68 per barrel.
Saudi Arabia and the other eleven members of the Organization of Petroleum Exporting Countries (OPEC) have been cutting their oil output since 2022 in an attempt to control the price of crude oil. Meanwhile, the United States and other oil producing nations have been increasing their output.
Analysts are predicting that Brent will average US$75 per barrel in the Fourth Quarter of 2024.