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On Oct. 5, the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing allies that comprise OPEC+ announced they would be cutting oil production by two million barrels a day ...
This isn’t the first time OPEC+ has extended output cuts in a bid to boost crude prices. The group in June lengthened the 2.2 million barrels per day cut through the end of September.
The Saudi-led OPEC+ bloc is cutting oil production by 2 million barrels a day. Meanwhile, heating costs may spike this winter, and President Biden and Gov. Ron DeSantis (R-Fla.) offer a rare ...
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On 9 January 1968, three of the then–most conservative Arab oil states – Kuwait, Libya, and Saudi Arabia – agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War.
We've seen oil prices moderate more than 40% from a high of over $120 to under $80 before that OPEC announcement. And at least until these midterms are out of the way, the signals are to traders ...
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