Oil price could encounter a very high spike as winter approaches and OPEC and its partners adhere to their previous settlement on oil yield.
The Organization of the Petroleum Exporting Countries, OPEC with their partners including Russia have been under pressure from top buyers, like the United States and India, to add additional supply after oil price surged 50%.
Oil prices hit a three-year high after the OPEC decision. Brent was $82.47 per barrel on Wednesday morning during Asia hours, and WTI was $78.84.
Energy prices have experienced a surge in the second half of this year, with crude jumping more than 50%, adding to inflationary pressures around the world.