Oil prices have dropped to their lowest point in four years as OPEC+ increases its supply, threatening to overwhelm the global market. This decision comes despite concerns over an economic slowdown. Major oil companies, such as Shell and BP, might consider mergers to adapt to the changing market dynamics. Analysts suggest that even at $60 per barrel, big oil firms are not backing down on production. Wall Street opened lower following the announcement, reflecting concerns about the impact of increased supply on oil prices.
— new from Barron’s