OPEC+ Meeting Results in Over 3% Oil Price Drop

US crude fell below $75 per barrel, and Brent crude fell below $79 per barrel following the OPEC+ meeting. OPEC+ revealed a detailed "exit from production cuts" roadmap, with Goldman Sachs calling it bearish for oil prices.

Analysts suggest that given current high interest rates and increased production from non-OPEC+ countries like the US, the OPEC+ decision will gradually be negative for oil prices.

Saudi Arabia and seven other countries can gradually lift voluntary cuts starting in October, increasing oil market supply, particularly next year.

Goldman Sachs expects Brent to potentially fall below the $75-$90 range.