Farmer's Weekly

The global oil price and the influence of geopolitics

The price of Brent crude oil has remained around the US$80/barrel mark from the conclusion of 2023 into 2024. Crude oil prices are of interest to analysts as this year's trends have the potential to be shaped largely by geopolitics.

About 70 countries holding general elections this year, and the political climate of the outcomes of those elections will influence political policies as well as legislation.

There is a potential of redefined macro-economic flows should there be substantial changes. Key outcomes to look out for include the EU's climate change

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