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OPEC has cut its forecast for 2025 demand growth to 1.54 million barrels per day, from 1.85 million barrels per day in July. ... In Other News. ... USA TODAY Sports.
Oil plunged more than 6%. their biggest daily drop in more than two years after an expected Israeli retaliatory strike against Iran over the weekend spared the country’s petroleum infrastructure.
OPEC members have held back output in the past two years to increase market prices amid oil’s price slide, but is expected to gradually roll back production curbs.
On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, which facilitated a 65% quarterly fall in the price of oil. [1] The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic. [1]
The Organization of the Petroleum Exporting Countries (OPEC / ˈ oʊ p ɛ k / OH-pek) is a cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit.
However, oil analysts have projected that prices will move lower this year due to an increase in supply, particularly if the Organization of Petroleum Exporting Countries (OPEC) decides to bring ...
A September 26 OPEC meeting [121] led to a decision to decrease production resulting in the biggest gains in oil prices since April. [122] On October 10, with Russia planning to join OPEC and Algeria saying others should, Brent crude reached its highest point in a year at $53.73, while WTI hit $51.60, the highest since June 9. [123]
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