Global events and tensions still dominate the global scene and in light of these tensions comes the decision of the Organization of the Petroleum Exporting Countries + to reduce the volume of production, as the last meeting of the organization came to extend most of its production cuts until 2025, but it left room for the cancellation of a voluntary reduction of eight members gradually from October and the organization decided to extend production cuts according to the declaration of cooperation until the end of 2025, where the statement statedIt was agreed to extend the level of total crude oil production for OPEC member countries and non-OPEC countries participating in the Declaration of Cooperation, from January 1, 2025 until December 31, 2025 The group approved the target production levels for 2025 at 39.725 million barrels per day, before applying any voluntary cuts decided by the countries individually, with the target production in the UAE increasing by 300,000 barrels per day to 3.519 million barrels per day, so the extension  of the OPEC+ for voluntary production cuts for an additional three months to a large deficit in the oil market during the third quarter of the year, prompting a  forecast for the price of Brent crude to $ 80 per barrel and may extend to $ 90 by the end of the year against  the current price around  $ 75 a barrel.

Looking at the oil chart, we find that oil is moving in a downward trend in the short and medium term and is currently trading above the level of $ 75 after bouncing up around the level of 72.5 and it is expected to continue rising and targeting the level of 75 and then 80 in the short and medium term