Where are oil prices heading?

Key points discussed:

1. Since July, oil prices have been on an overall downward trend.
2. While a reversal to this trend is possible, the main feature of the oil market is that of continued volatility.
3. The economic outlook of major economies will largely dictate the direction of prices. In case of a persistent decrease of prices, OPEC+ would have to eventually resume cutting oil production.
4. A price cap on Russian oil by the G7 countries is only effective when it is imposed at a significantly lower level from what Russian oil is currently being traded. Another prerequisite is involving major oil consumers such as China and India for the cap to be effective- an issue which is still not resolved to date.