Oil falls 8% as global recession fears spook market
2 years, 5 months ago

Oil falls 8% as global recession fears spook market

Al Jazeera  

Oil tumbled as concerns about a global economic slowdown and growing Covid-19 cases in China reduced traders’ appetite for risk. “The decimation of other commodities has also reduced risk appetite for crude even in a supply-constrained market.” Despite recession fears, several energy administrations agree that supply tightness is set to worsen. IEA’s Executive Director Fatih Birol said nations “might not have seen the worst” of a global energy crunch while OPEC’s first look at 2023 showed no relief from market tightness. Crude has fallen since early June on escalating fears the US may be pushed into a recession as central banks hike rates to combat inflation.

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History of this topic

Oil reports weekly loss on oversupply fears despite OPEC+ output extension; Brent down over 2% in 5 days
2 weeks, 3 days 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 Holds Drop as OPEC Decision on Supply Takes the Spotlight
2 weeks, 6 days 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 Stabilizes Ahead of OPEC Supply Meeting as Volatility Drops
Trending News
3 weeks, 1 day 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
3 weeks, 3 days 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 …

Oil settles down as ease of supply risks drives weekly loss
3 weeks, 4 days ago

Oil settles down as ease of supply risks drives weekly loss

Live Mint  

By Nicole Jao NEW YORK -Oil prices edged lower on Friday and posted a weekly decline of more than 3%, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as OPEC is expected to extend output cuts. U.S. West Texas Intermediate crude futures fell 72 cents, or 1.05%, to …

OPEC Has Little Room to Revive Oil Supply, Iran Official Says
4 weeks, 1 day 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 …

Trump plans to boost gas exports & oil drilling in 2nd term, say sources
4 weeks, 1 day ago

Trump plans to boost gas exports & oil drilling in 2nd term, say sources

Firstpost  

Donald Trump’s transition team is putting together a wide-ranging energy package to roll out within days of his taking office that would approve export permits for new liquefied natural gas projects and increase oil drilling off the US coast and on federal lands, according to two sources familiar with the plans. An early priority would be lifting President Joe Biden’s …

Oil settles down on strong US supply, losses capped by Ukraine escalation
1 month 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 sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71
1 month, 1 week ago

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71

Live Mint  

International crude oil prices settled down more than two per cent in the previous session as investors fretted about weaker Chinese oil demand and a potential slowing in the pace of US Federal Reserve interest rate cuts after the latest macroeconomic data. Back home, crude oil futures settled 1.86 per cent lower at ₹5,660 per barrel on the multi commodity …

Oil heads for weekly loss as Chinese demand continues to underperform
Trending News
1 month, 1 week 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 Holds Near November Lows as Traders Brace for Crude Glut
1 month, 1 week ago

Oil Holds Near November Lows as Traders Brace for Crude Glut

Live Mint  

-- Oil held near November lows, settling near $68 a barrel, as increasingly bearish fundamentals capped the session’s gain. In the physical market, a key supply gauge suggests a glut is coming sooner than expected, while timespreads in the futures market are flashing signs of oversupply. Also weighing on oil: OPEC cut its demand growth forecasts for a fourth consecutive …

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again
1 month, 3 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
1 month, 3 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 …

Oil Prices Soar as Middle East Tensions Escalate
2 months, 2 weeks ago

Oil Prices Soar as Middle East Tensions Escalate

The Hindu  

Oil prices extend upward march on Mideast tensions, with Brent North Sea crude reaching close to $80 per barrel on Monday. The rise is partly attributed to concerns about geopolitical unrest in the Middle East, but also to hopes of stronger Chinese demand after Beijing recently announced major stimulus measures to boost its flagging economy.

Oil Rebounds After Brutal Week as Traders Take Stock of Outlook
3 months, 2 weeks ago

Oil Rebounds After Brutal Week as Traders Take Stock of Outlook

Live Mint  

Oil rose from its lowest close since 2021 after a deep weekly loss pushed futures close to levels regarded as oversold, with the focus this week on three reports that may clarify the demand outlook. Traders are in line for bumper crop of market insights this week as the three most prominent forecasters — OPEC, the Energy Information Administration and …

Oil prices decline over 1% on Chinese demand jitters
5 months, 1 week ago

Oil prices decline over 1% on Chinese demand jitters

Live Mint  

By Arathy Somasekhar HOUSTON -Oil prices settled more than 1% lower on Tuesday, the third straight day of losses, on worries of a slowing Chinese economy crimping demand, though declines were stemmed by a growing consensus the U.S. Federal Reserve could begin cutting its key interest rate as soon as September. "Weaker economic data continues to flow from China as …

Russian deputy PM says global oil market will be balanced from second half of 2024
5 months, 1 week 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 cuts and geopolitical tensions propel Brent crude up by over 13% in 2024; central banks face inflation challenge
8 months ago

OPEC cuts and geopolitical tensions propel Brent crude up by over 13% in 2024; central banks face inflation challenge

Live Mint  

Brent crude futures have surged 13.4% this year so far to $87.26 per barrel, propelled by escalating tensions in the Middle East, OPEC supply cuts, attacks on energy infrastructure between Ukraine and Russia, and increased oil demand from major consuming nations, all of which have tightened the market. Iran is the third largest producer in the Organization of the Petroleum …

Three surprises that could inflame commodity markets in 2024
8 months, 3 weeks 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 …

‘Oil markets well supplied’, says IEA as it raises 2024 global demand forecast; projects lower than OPEC
11 months 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
11 months, 2 weeks 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 drops 2.5% on demand worries after rise in US gasoline inventories; Brent crashes to $75/bbl
1 year ago

Oil drops 2.5% on demand worries after rise in US gasoline inventories; Brent crashes to $75/bbl

Live Mint  

Oil prices fell by 2.5 per cent on Wednesday, December 6, as a bigger-than-expected rise in US gasoline inventories worried markets about demand and outweighed a draw in crude stocks. Back home, on the Multi Commodity Exchange, crude oil futures due for a December 18 expiry, was last trading lower by 4.75 per cent at ₹5,791 per bbl, having swung …

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

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

Oil prices could reach ‘uncharted waters’ if the Israel-Hamas war escalates, the World Bank says
1 year, 1 month ago

Oil prices could reach ‘uncharted waters’ if the Israel-Hamas war escalates, the World Bank says

Associated Press  

WASHINGTON — The World Bank reported on Monday that oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas widens, which could result in increased food prices worldwide. The World Bank’s Commodity Markets Outlook found that while the effects on oil prices should be limited if the conflict doesn’t expand, the outlook “would darken quickly …

Oil dips as Venezuela curbs ease in offset to Middle East crisis
1 year, 2 months ago

Oil dips as Venezuela curbs ease in offset to Middle East crisis

Live Mint  

Oil edged lower as the US eased crude sanctions against Venezuela, denting some of the price gains spurred by the devastating conflict in the Middle East. US President Joe Biden plans an Oval Office address on the Middle East crisis on Thursday amid a drive to prevent the conflict from escalating. “The sting was taken out of the rally by …

Oil prices jump 2% on supply worries after large US stock drawdown
1 year, 2 months ago

Oil prices jump 2% on supply worries after large US stock drawdown

Live Mint  

Oil prices gained nearly $2 in early trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stocks amid worries about supply disruptions from the Middle East due to a deepening Israel-Hamas conflict. U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures …

As Israel's war against Hamas escalates, US sends a warning to Iran, raising fears of a recession
1 year, 2 months ago

As Israel's war against Hamas escalates, US sends a warning to Iran, raising fears of a recession

ABC  

As fears mount over Tehran's involvement in the Israel-Gaza conflict, the Biden administration has sent a clear message to Iran's regime: exercise caution. Iranian oil exports could take a hit While Iran is accused of supporting and funding terrorism, there's been a marked increase in Iranians protesting against the regime across Iranian cities, and many want the US to take …

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns
1 year, 2 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 …

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 …

Oil prices remain steady as high inventories balance US debt bill development
1 year, 6 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 prices surge on concerns over tightening supply
1 year, 7 months ago

Oil prices surge on concerns over tightening supply

Live Mint  

Oil prices gained on Wednesday after U.S. oil and fuel supplies tightened and as a warning from the Saudi energy minister to speculators raised the prospect of further OPEC output cuts. Industry data late Tuesday showed U.S. crude oil and fuel inventories fell sharply. Crude inventories fell by about 6.8 million barrels in the week ended May 19, according to …

Oil heads for fourth weekly decline on demand growth concerns in US, China
1 year, 7 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, 7 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, 7 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, 8 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 …

Oil drops 3% as high inflation risks stoke demand worries
1 year, 10 months ago

Oil drops 3% as high inflation risks stoke demand worries

Live Mint  

Oil prices fell by $2 per barrel to their lowest in two weeks on Wednesday, as investors became more concerned that recent economic data will mean more aggressive interest rate increases by central banks, pressuring economic growth and fuel demand. Minutes from the latest US Federal Reserve meeting showed a majority of Fed officials agreed that the risks of high …

China's COVID-19 reopening set to push 2023 oil demand to new high: IEA
1 year, 11 months ago

China's COVID-19 reopening set to push 2023 oil demand to new high: IEA

The Hindu  

Weak industrial activity and mild weather helped cut oil demand by nearly a million barrels per day in the OECD developed countries in the last quarter of 2022. The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency said on Wednesday, while price cap sanctions …

Oil prices slide on concerns over China's demand amid COVID restrictions
2 years ago

Oil prices slide on concerns over China's demand amid COVID restrictions

The Hindu  

Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict COVID-19 curbs. "Bearish moods toward oil prices are spreading in Asia due to concerns about a decline in China's demand while the rare protests over the weekend also raised fears over the impact on the Chinese economy," …

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month
2 years ago

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month

CNN  

London CNN Business — US oil prices have fallen to their lowest level since December 2021 on concerns that protests in China against Covid-19 lockdowns will dent demand. Global oil prices have fallen about 35% since June as strict coronavirus restrictions in China have kept demand weak, and as some of the world’s major economies have signaled they are heading …

Oil plunges to January lows on report of OPEC increasing output
2 years, 1 month ago

Oil plunges to January lows on report of OPEC increasing output

Live Mint  

Oil extended declines as Saudi Arabia and other OPEC countries were reported to be discussing an output increase alongside China tightening its anti-Covid curbs, hurting the outlook for demand. Declines accelerated after the Wall Street Journal reported OPEC+ is considering an output increase of 500,000 barrels ahead of the EU’s embargo of Russian oil. Brent’s prompt spread briefly traded in …

Ahead of elections, Biden announces steps to reduce gas prices in U.S.
2 years, 2 months ago

Ahead of elections, Biden announces steps to reduce gas prices in U.S.

The Hindu  

Ahead of the crucial mid-term polls, U.S. President Joe Biden has announced a slew of measures to lower gas prices, which have been hurting the middle class. Mr. Biden, in a major policy speech, reiterated that Russian President Vladimir Putin was responsible for the hike in energy prices in the U.S. “When the price of gas goes up, other expenses …

Explained | Why has OPEC+ cut oil production? How will it affect India and the world?
2 years, 2 months ago

Explained | Why has OPEC+ cut oil production? How will it affect India and the world?

The Hindu  

The story so far: On October 4, the Organization of Petroleum Exporting Countries and its allies, known as OPEC+ slashed oil production output by 2 million barrels per day, boosting crude oil futures. In its first face-to-face meeting since the start of the COVID-19 pandemic, OPEC+ cut oil production by 2 million bpd starting in November, stating that the decision …

Oil prices decline amid fears of a global recession
2 years, 2 months ago

Oil prices decline amid fears of a global recession

India Today  

Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China. But the IMF also urged central banks to keep up their fight against inflation even as investors worry policymakers could trigger a sharp economic downturn by raising borrowing …

Why is OPEC+ cutting oil production and what’s next?
2 years, 2 months ago

Why is OPEC+ cutting oil production and what’s next?

Al Jazeera  

The move comes ahead of the European Union embargoes on Russian energy over the Ukraine war. Abdulaziz bin Salman said the real supply cut would be about 1 million to 1.1 million bpd, a response to rising global interest rates and a weakening world economy. Swissquote analyst Ipek Ozkardeskaya warned the big cut could “backfire” on OPEC+ if investors fear …

OPEC+ to debate large cut in amount of crude it ships to global economy
2 years, 2 months ago

OPEC+ to debate large cut in amount of crude it ships to global economy

The Hindu  

The OPEC+ alliance of oil-exporting countries on October 5 will debate a potentially large cut in the amount of crude it ships to the global economy — a move that could help Russia weather a looming European ban on oil imports and raise gasoline prices for U.S. drivers just ahead of national midterm elections. It’s unclear how much impact a …

OPEC+ cuts oil production by 2m barrels a day despite US pressure
2 years, 2 months ago

OPEC+ cuts oil production by 2m barrels a day despite US pressure

Al Jazeera  

US expresses disappointment in move that could spur an increase in oil prices, which had dropped in recent months. “At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices,” it said in a statement attributed …

OPEC+ plans major oil production cut despite US pressure
2 years, 2 months ago

OPEC+ plans major oil production cut despite US pressure

Al Jazeera  

OPEC+ producers expected to agree to deep cut in their output target, curbing supply in already tight market despite US pressure to pump more. Such a production cut “would undoubtedly signal to the market the determination and resolve of the cartel to support oil prices,” UniCredit economist Edoardo Campanella said. “If the group cuts target production by 1 million barrels …

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