OPEC+ increases production, dropping oil prices to four-year lows amid geopolitical tensions and market volatility.

Standard Chartered predicts low oil prices will persist, with a possible recovery due to reduced U.S. output. OPEC+ nations increased production, causing crude prices to fall to four-year lows below $60 per barrel. This move aims to discipline overproducing members and align with U.S. pressure for lower prices, affecting U.S. shale firms and causing geopolitical tensions. OECD oil stocks are below average, signaling market tightness and potential price volatility. Kazakhstan is adjusting to meet its OPEC+ commitments amid lower oil prices.