OPEC agrees to produce slightly more oil as recession fears loom
2 years, 5 months ago

OPEC agrees to produce slightly more oil as recession fears loom

CNN  

London CNN Business — The world’s oil-exporting countries have agreed to a tiny increase in output next month amid fears that a global recession will crimp demand. Brent crude and West Texas Intermediate crude — the North American benchmark — both rose initially on Wednesday after OPEC’s announcement, as oil investors expected a bigger increase in production. “As a production rise it is a very small percentage of overall production, and much smaller than previous months increases, and thus makes little difference to the overall supply picture,” Hazel Seftor, senior research analyst for global oil supply at Wood Mackenzie, told CNN Business. Last month, the International Energy Agency warned in a report that “global oil inventories remain critically low,” and posed an especial risk to emerging economies.

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History of this topic

Oil prices extend losses, firmer dollar and supply outlook weigh
1 week, 1 day ago

Oil prices extend losses, firmer dollar and supply outlook weigh

Live Mint  

By Colleen Howe BEIJING, Jan 7 - Oil prices extended losses into a second straight session on Tuesday on technical correction after last week's rally, while forecasts for ample supply and a firm dollar also weighed. Both benchmarks rose for five days in a row last week and settled at their highest levels since October on Friday, partly due to …

Oil reports weekly loss on oversupply fears despite OPEC+ output extension; Brent down over 2% in 5 days
1 month, 1 week ago

Oil reports weekly loss on oversupply fears despite OPEC+ output extension; Brent down over 2% in 5 days

Live Mint  

International crude oil prices fell by more than one per cent in the previous session to report a weekly loss after analysts projected a supply surplus next year on weak demand despite the Organisation of Petroleum Exporting Countries and its allies 's recent decision to delay the oil output hikes till April 2025 and extend the deep production cuts to …

Oil Steady After OPEC Once Again Delays Plan to Restore Output
1 month, 1 week ago

Oil Steady After OPEC Once Again Delays Plan to Restore Output

Live Mint  

-- Oil was steady after OPEC ’s decision to push back the revival of shuttered production by another three months failed to lift sentiment in a market that’s expected to suffer from a glut next year. “OPEC has given a robust indication that it continues to be willing to balance the oil market,” Morgan Stanley analysts including Martijn Rats said …

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline
1 month, 1 week ago

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The OPEC+ alliance of oil …

Key members of OPEC+ alliance are putting off production increases amid slack crude prices
1 month, 1 week ago

Key members of OPEC+ alliance are putting off production increases amid slack crude prices

Associated Press  

FRANKFURT, Germany — Eight members of the OPEC+ alliance of oil exporting countries decided Thursday to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year. Oil prices have been slack due to weaker than expected demand from China as well …

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
1 month, 1 week ago

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight

Live Mint  

-- Oil steadied after a decline, with traders looking ahead to an OPEC meeting on Thursday that’s expected to see the cartel again defer a move to revive output in an already well-supplied market. While commercial stockpiles shrank more than 5 million barrels for the biggest weekly drop since August, nationwide oil production hit a record in a reminder of …

Oil ticks higher ahead of OPEC+ verdict; Israel-Lebanon tensions provide support: Brent nears $93/bbl
1 month, 1 week ago

Oil ticks higher ahead of OPEC+ verdict; Israel-Lebanon tensions provide support: Brent nears $93/bbl

Live Mint  

International crude oil prices rose more than 1.5 per cent on Tuesday, December 3, ahead of the output policy decision by the Organisation of Petroleum Exporting Countries and its allies meeting. Global benchmark Brent crude futures last rose $1.16, or 1.6 per cent, to $72.99 per barrel, while the US West Texas Intermediate crude was last up $1.16, or 1.7 …

Oil Stabilizes Ahead of OPEC Supply Meeting as Volatility Drops
Trending News
1 month, 1 week ago

Oil Stabilizes Ahead of OPEC Supply Meeting as Volatility Drops

Live Mint  

-- Oil was little changed as traders watched for clues on OPEC ’s supply plans ahead of a key meeting this Thursday. “Despite the ongoing cross-currents we’ve hit a fair value that looks sticky for the short-term” with Brent at current levels, said Chris Weston, head of research for Pepperstone Group. “For now, the oil market is happy to massage …

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts
1 month, 2 weeks ago

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts

Live Mint  

International crude oil prices edged lower in the previous session to log a weekly decline of more than three per cent, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as the Organisation of Petroleum Exporting Countries and its allies is expected to extend output cuts. According to news …

OPEC Has Little Room to Revive Oil Supply, Iran Official Says
1 month, 2 weeks ago

OPEC Has Little Room to Revive Oil Supply, Iran Official Says

Live Mint  

-- OPEC has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the US shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US,” Iranian OPEC governor Afshin Javan said of the curbs …

Oil settles down on strong US supply, losses capped by Ukraine escalation
1 month, 3 weeks ago

Oil settles down on strong US supply, losses capped by Ukraine escalation

Live Mint  

By Georgina McCartney HOUSTON -Oil prices settled lower on Wednesday after U.S. crude and gasoline stocks rose by more than expected last week, but losses were capped by worries about the intensifying war between major oil producer Russia and Ukraine. Weak demand in the world's largest crude importer continued, with Chinese stimulus announcements failing to boost oil demand growth in …

Oil heads for weekly loss as Chinese demand continues to underperform
Trending News
2 months ago

Oil heads for weekly loss as Chinese demand continues to underperform

Live Mint  

By Nicole Jao and Gabrielle Ng SINGAPORE -Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery. The decline in run rates occurred as China's factory output growth slowed last month and demand woes in its property sector showed few signs of abating even though consumer spending …

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again
2 months, 2 weeks ago

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again

Associated Press  

Oil prices are falling as the reality of weak global demand takes center stage again. The price of benchmark U.S. crude tumbled 6% Monday after a weekend retaliatory strike by Israel on Iran targeted military sites rather than the oilfields of the world's seventh largest producer of crude. This puts the price of a barrel of U.S. crude well under …

Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East
2 months, 2 weeks ago

Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Global oil prices are falling …

Saudi minister warns of $50 oil as OPEC+ members flout production curbs
3 months, 1 week ago

Saudi minister warns of $50 oil as OPEC+ members flout production curbs

Live Mint  

The Saudi oil minister has said that prices could drop to as low as $50 per barrel if so-called cheaters within OPEC+ don’t stick to agreed-upon production limits, according to delegates in the cartel. But geopolitical tensions have persisted for months without meaningful effect on oil prices, and the declines have been frustrating for Saudi officials in part because other …

Govt may cut petrol and diesel prices if global prices remain low: Petroleum Secretary
4 months ago

Govt may cut petrol and diesel prices if global prices remain low: Petroleum Secretary

Live Mint  

Secretary at the Ministry of Petroleum and Natural Gas, Pankaj Jain, said on Thursday that oil companies will consider cutting fuel prices if crude oil remains low for an extended period. With the rise in fuel demand, India wants increased output from the Organisation of Petroleum Exporting Countries, its allies, and Russia, the Oil Secretary added. Global crude oil prices …

Russian deputy PM says global oil market will be balanced from second half of 2024
6 months ago

Russian deputy PM says global oil market will be balanced from second half of 2024

The Hindu  

Russian Deputy Prime Minister Alexander Novak said on Monday the global oil market will be balanced in the second half of the year and thereafter, thanks to the OPEC+ deal on production supply. OPEC+, which groups the Organization of the Petroleum Exporting countries and allies such as Russia, has implemented a series of output cuts since late 2022 to support …

OPEC still sees strengthening oil demand in emerging markets, plans supply hike
7 months ago

OPEC still sees strengthening oil demand in emerging markets, plans supply hike

Hindustan Times  

OPEC has maintained its forecast that oil demand worldwide is strengthening for the second half of the year, due to which, supply would be hiked, Bloomberg reported. Representational World oil consumption will see a year-on-year increase of 2.3 million barrels a day in the second half, about 150,000 a day more than during the first, due to continued economic growth …

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag
7 months, 1 week ago

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia and allied oil …

Oil producers led by Saudis extended supply cuts amid slack prices
7 months, 1 week ago

Oil producers led by Saudis extended supply cuts amid slack prices

Associated Press  

FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven’t risen even amid turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, extended …

Opec cartel to extend cuts to oil output in bid to prop up prices
7 months, 1 week ago

Opec cartel to extend cuts to oil output in bid to prop up prices

The Telegraph  

Saudi Arabia and Russia have led members of the Opec cartel in extending deep production cuts to oil output into 2025, in a fresh bid to prop up prices in the face of US competition. The move will put upward pressure on oil prices, with Brent crude currently trading at around $81 per barrel, at a time when unexpectedly high …

What are OPEC and OPEC+? how does it affect global oil prices I INSIGHTS
7 months, 1 week ago

What are OPEC and OPEC+? how does it affect global oil prices I INSIGHTS

India TV News  

The Organisation of the Petroleum Exporting Countries and its allies including Russia are known collectively as OPEC+ convened meeting on Sunday, June 2, and discussed their joint oil production policy. Because of its large market share, the decisions OPEC makes can affect global oil prices. After that development, OPEC+ reduced oil production by 10 million barrels a day, which is …

Crude oil extends decline despite geopolitical tensions; 4 key reasons weighing on prices
7 months, 3 weeks ago

Crude oil extends decline despite geopolitical tensions; 4 key reasons weighing on prices

Live Mint  

Crude oil prices extended decline on Tuesday with the global benchmark Brent oil falling over a percent. The fall in crude oil prices comes despite the ongoing geopolitical tensions and ahead of the meeting of the Organization of the Petroleum Exporting Countries and its affiliates, together known as OPEC+ on supply. Here are the key reasons why crude oil prices …

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast
9 months ago

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but lowered its forecast for non-OPEC supply growth for this year and next. The group cut its non-OPEC supply growth forecast to 1 million barrels a day for 2024 from 1.1 million barrels a day previously, saying the main drivers of growth are expected to …

Three surprises that could inflame commodity markets in 2024
9 months, 1 week ago

Three surprises that could inflame commodity markets in 2024

Hindustan Times  

As Russia continues to pound Kyiv, Western sanctions are beginning to cripple Arctic LNG 2, the aggressor’s largest gas-export project. In Europe manic buying since the start of Russia’s war and a mild winter have helped keep gas-storage levels at around 90% of capacity, well above the five-year average. Naval tit-for-tats could jolt prices, though rising output from OPEC+, and …

Higher global oil supply set to satisfy demand increase, IEA says
11 months ago

Higher global oil supply set to satisfy demand increase, IEA says

Live Mint  

Global oil demand is expected to grow at a significantly weaker pace this year, while soaring output from the Americas will help boost supply despite output curbs from OPEC and its allies, the International Energy Agency said. On Wednesday, the Organization of the Petroleum Exporting Countries reiterated that it anticipates global oil-demand growth at 2.2 million barrels a day this …

‘Oil markets well supplied’, says IEA as it raises 2024 global demand forecast; projects lower than OPEC
11 months, 4 weeks ago

‘Oil markets well supplied’, says IEA as it raises 2024 global demand forecast; projects lower than OPEC

Live Mint  

The International Energy Agency has again raised its global oil demand growth forecast for 2024. With the conflict in the Middle East raising concerns over supply, the IEA said that - barring significant disruptions to flows - the market looked reasonably well supplied in 2024 and a surplus could emerge if OPEC and its allies unwind output cuts as scheduled …

Three surprises that could inflame commodity markets in 2024
1 year ago

Three surprises that could inflame commodity markets in 2024

Live Mint  

As Russia continues to pound Kyiv, Western sanctions are beginning to cripple Arctic LNG 2, the aggressor’s largest gas-export project. In Europe manic buying since the start of Russia’s war and a mild winter have helped keep gas-storage levels at around 90% of capacity, well above the five-year average. Naval tit-for-tats could jolt prices, though rising output from OPEC+, and …

Oil down 2%, posts weekly loss as investors see limited effect of OPEC+ cuts
1 year, 1 month ago

Oil down 2%, posts weekly loss as investors see limited effect of OPEC+ cuts

Live Mint  

Oil prices declined more than 2 per cent in the previous session as investors remained cautious over the depth of supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies. Back home, on the Multi Commodity Exchange, crude oil futures due for a December 18 expiry, settled lower by 0.8 per cent at ₹6,231 per bbl, having …

Some OPEC+ members will cut the oil that they send to the world to try to boost prices
1 year, 1 month ago

Some OPEC+ members will cut the oil that they send to the world to try to boost prices

Associated Press  

LONDON — The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Thursday, expanding some output cuts into next year and bringing up-and-coming oil supplier Brazil into the fold. But it’s bad news for OPEC+ countries whose oil income bolsters their economies and who have faced setbacks …

An unruly OPEC is causing problems for Russia and Saudi Arabia
1 year, 1 month ago

An unruly OPEC is causing problems for Russia and Saudi Arabia

Live Mint  

The November meeting of the Organisation of the Petroleum Exporting Countries and its partners was meant to be a staid affair. After acquiescing to lower output quotas at their previous meeting in June, Opec+’s west African members were unhappy to learn that Russia and Saudi Arabia, the bloc’s de facto leaders, wanted to further curtail output. Saudi Arabia and Russia …

OPEC+ to announce oil output policy decision on November 30: What’s on agenda?
1 year, 1 month ago

OPEC+ to announce oil output policy decision on November 30: What’s on agenda?

Live Mint  

The Organization of the Petroleum Exporting Countries and allies including Russia or OPEC+ will hold its ministerial meeting on Thursday, November 30 to announce the oil output supply decision for 2024. Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5 million barrels per day, about 5 per cent of daily global …

Oil prices slump 4% after OPEC+ postpones output policy meeting to November 30; Brent drops to $79/bbl
1 year, 1 month ago

Oil prices slump 4% after OPEC+ postpones output policy meeting to November 30; Brent drops to $79/bbl

Live Mint  

Oil prices plunged 4 per cent on Wednesday, November 22, after the Organisation of Petroleum Exporting Countries and it allies unexpectedly delayed the policy meeting on output planned for Sunday, raising questions about the future course of crude production cuts. {{^adFree}} {{/adFree}} Back home, on the Multi Commodity Exchange, crude oil futures due for a December 18 expiry, was last …

Saudi Arabia likely to extend additional oil supply cuts beyond December 2023
1 year, 1 month ago

Saudi Arabia likely to extend additional oil supply cuts beyond December 2023

Live Mint  

World's top exporter Saudi Arabia is expected to extend its additional voluntary supply cuts to at least the first quarter, if not the first half of 2024, Amrita Sen, co-founder of consultancy Energy Aspects said on Wednesday. Current oil prices are not low enough to push the Organization of the Petroleum Exporting Countries and their allies, known as OPEC, to …

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns
1 year, 3 months ago

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns

Live Mint  

OPEC stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs of a resilient world economy so far this year and expected further demand gains in China. The Organisation of Petroleum Exporting Countries has stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs …

India tells OPEC it must be sensitive to needs of oil consuming nations
1 year, 3 months ago

India tells OPEC it must be sensitive to needs of oil consuming nations

Live Mint  

New Delhi: With oil prices on the boil, union petroleum and natural gas minister Hardeep Singh Puri has asked the Organisation of the Petroleum Exporting Countries to be sensitive to the needs of oil-consuming nations and curb output cuts. In another tweet, the minister wrote, "During the pandemic, when crude oil prices crashed, the world came together to stabilize the …

Saudi Arabia defends oil supply cuts as prices hit fresh high
1 year, 3 months ago

Saudi Arabia defends oil supply cuts as prices hit fresh high

The Telegraph  

Opec’s leader claims its massive oil production cuts are no different to the actions of central banks, as oil prices hit a fresh 10-month high. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman on Monday defended Opec+ cuts to global supply as the price of Brent crude approached $95 per barrel. Oil prices have surged by more than 30pc since …

Is the decline of oil in sight?
1 year, 5 months ago

Is the decline of oil in sight?

BBC  

Is the decline of oil in sight? The single biggest thing that we have to do to mitigate climate change is to stop burning fossil fuels – Krista Halttunen "We think that peak will be before the end of the decade, but just after 2028, so 2029 or 2030, most likely," says Ciarán Healy, an IEA oil market analyst and …

OPEC Plus will continue oil output cuts as prices remain unchanged
1 year, 7 months ago

OPEC Plus will continue oil output cuts as prices remain unchanged

India TV News  

The group of oil-producing countries resolved on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to The Hill. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC Plus, met on Sunday and resolved to prolong the oil output cutbacks under the leadership of Russia and Saudi Arabia. In April, Saudi …

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market
1 year, 7 months ago

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market

News 18  

Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession. – ‘No disagreement’ – Russia’s Deputy Prime Minister Alexander Novak said the current output cuts were being extended until the end of 2024 after examining the matter “for a long time”. Saudi Arabia, …

OPEC+ begins meetings that may agree further output cuts
1 year, 7 months ago

OPEC+ begins meetings that may agree further output cuts

The Hindu  

OPEC and its allies began two days of meetings on June 3 that may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the group faces flagging oil prices and a looming supply glut. "This number is premature, we didn’t go into these things," Iraq's oil minister Hayan Abdel-Ghani said …

Oil prices remain steady as high inventories balance US debt bill development
1 year, 7 months ago

Oil prices remain steady as high inventories balance US debt bill development

Live Mint  

Oil prices held steady on Thursday as news of rising inventories in the largest oil consumer in the world overshadowed likely pauses in US interest rate hikes and the passage of the crucial vote on the US debt ceiling bill. While US West Texas Intermediate crude declined by 16 cents, or 0.23%, to $67.93, Brent crude futures dropped 17 cents, …

Oil heads for fourth weekly decline on demand growth concerns in US, China
1 year, 8 months ago

Oil heads for fourth weekly decline on demand growth concerns in US, China

Live Mint  

Oil prices declined on May 12, heading for a fourth weekly drop, as renewed economic concerns in the United States and China weighed on demand growth in the near-term, a potential trigger for greater volatility in oil markets. The US Federal Reserve may need to raise interest rates again in its next meeting as the inflation data so far has …

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories
1 year, 8 months ago

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories

Live Mint  

Oil prices dropped on May 10, ending a three-day rally as an unexpected rise in US oil inventories sparked demand concerns and markets saw cautious trading as investors' anxiety as they await inflation data. Surprise increase to US crude oil inventories US crude inventories rose by about 3.6 million barrels in the week ended May 5 while petrol stockpiles rose …

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data
1 year, 8 months ago

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data

Live Mint  

Oil prices edged lower on May 9, relinquishing some of the strong gains of the previous two sessions amid cautious trading ahead of US inflation data for April, which will be key to the Federal Reserve's next interest rate decision. The oil cartel last cut crude output in April with an aim to provide market stability, as per Saudi Arabia, …

Explained | Why have key oil producers vowed output cuts?
1 year, 9 months ago

Explained | Why have key oil producers vowed output cuts?

The Hindu  

The story so far: Major oil-producing countries including Saudi Arabia, Iraq, the United Arab Emirates, as well as Russia, have announced cuts in oil production that will start in May and last until the end of 2023. On April 3, the Organization of the Petroleum Exporting Countries, at its 48th meeting of the Joint Ministerial Monitoring Committee, acknowledged the crude …

How India can minimise the damage from OPEC+ production cuts
1 year, 9 months ago

How India can minimise the damage from OPEC+ production cuts

Live Mint  

The Organisation of Petr​​oleum Exporting Countries and its oil-producing allies such as Russia and Azerbaijan, collectively known as OPEC+, have decided to cut oil production by 1.15 million barrels a day. While OPEC takes the flak for higher oil prices with its publicised production cuts – the second since last October – another culprit escapes attention: US shale producers. While …

Why OPEC's crude oil production cut is bad news for India
1 year, 9 months ago

Why OPEC's crude oil production cut is bad news for India

India Today  

The surprise cut in crude oil production by the Organization of Petroleum Exporting Countries on April 2 has shocked commodity markets worldwide, with Brent crude prices climbing $5 a barrel. OPEC’s decision to cut 1.16 million barrels of oil per day to shore up prices has put the world economy, which is already looming under the threat of a recession, …

Oil producers’ cuts could boost gasoline prices, help Russia
1 year, 9 months ago

Oil producers’ cuts could boost gasoline prices, help Russia

Associated Press  

FRANKFURT, Germany — Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. The decision by oil producers, many of them in the OPEC oil cartel, to cut production by more than 1 million barrels a day comes after prices for international benchmark crude slumped amid a slowing global economy that needs less fuel for …

OPEC+ cuts put $100/bbl oil back in sight
1 year, 9 months ago

OPEC+ cuts put $100/bbl oil back in sight

Live Mint  

Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday. "The U.S. administration may also argue that higher oil prices will counter its efforts to put out the inflation fire," he added. "Producing …

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