Non-Opec Producers Flock to Oil Rigs Amid Expectations of Price Decline

Opec-plus producers are not the only ones benefiting from high oil prices, as non-aligned countries around the world are also ramping up production to capitalize on the surge.

The increase in production is driven by the expectation that once trade returns to normalcy after the Middle East conflict ends, oil prices will shed their war premium and return to lower levels.

Currently, at $100 oil, producers are raking in handsome profits, with virtually all spare capacity being activated. This includes both within Opec-plus and among non-aligned countries.