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Oil prices dipped to their lowest point of the year this week despite the recent announcement by OPEC and its allies to keep cutting supplies as fears of a global recession outweigh supply...
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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The OPEC action is really the first illustration and at the same time the most concrete and most spectacular illustration of the importance of raw material prices for our countries, the vital need for the producing countries to operate the levers of price control, and lastly, the great possibilities of a union of raw material producing countries.
The announcement comes amidst growing non-OPEC oil production and weak oil prices. (DJ) November 22: OPEC states that it will roll over its current oil production quota of 25.42 million barrels per day (4,041,000 m 3 /d). The roll-over was widely anticipated because of slack world oil demand, rising non-OPEC production, and weak prices. (DJ, PON)
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.
OPEC and others agreed to production cuts on November 30 but traders doubted these would actually happen. Negative economic news in the U.S. and worldwide contributed to another down week. [43] The first full week of December was the seventh week of declines, the longest streak since 2018, with Brent finishing at $75.18 and WTI at $71.23.
The Biden administration will reassess its relationship with Saudi Arabia following OPEC+ production cuts. Meanwhile, the president is touting a new EV battery plant in Ohio. This is Overnight ...