Oil prices have continued to hover below the $100 per barrel mark, leaving many to wonder why crude is not reflecting the tight global supply and increasing demand. According to traders and analysts, the answer lies in the significant decline in oil shipments, which have reached near-decade lows. This unexpected drop in exports has led to a surplus of oil in the market, putting downward pressure on prices. As a result, despite concerns about global energy security and rising tensions in key oil-producing regions, crude remains relatively affordable, at least for now.
Traders and analysts say near-decade-low shipments are a major factor in why crude still trades at less than $100 a barrel
