Crude Oil prices tumbled on Monday after an update on voluntary production cuts didn’t go how energy traders had hoped last week.
WTI backslid to $74.00 per barrel after
voluntary cuts have kept 2.2 million bpd off the market since 2022. The Organization of the Petroleum Exporting Countries and its extended network of non-member allies, + has been participating in voluntary Crude Oil production cuts that have kept 2.2 million barrels per day off the markets in an attempt to bolster global barrel prices in the face of global Crude Oil output that has grown to outpace demand. However, key members of
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