According to Dr. Nakhle, the lack of substantial supply disruptions is a crucial factor in maintaining stable oil prices. In addition, the extra spare capacity, due to OPEC+ cuts, has helped lessened the impact of the recent geopolitical developments that are notoriously known to affect markets.
OPEC's spare oil capacity vs oil price
“Oil steadies as countdown to OPEC+ meeting begins“, Christof Ruhl, Nov 2023
“Oil prices recede despite Middle Eastern geopolitical tensions“, Dr Carole Nakhle, Oct 2023