Page 17 - Pec News Today

Crude oil prices fell sharply on Thursday, extending losses from the previous session, amid uncertainty about the outlook for demand and on disappointment over OPEC and their allies' decision to not increase the size of production cuts for now.

Oil prices were trading lower early on Wednesday morning as the market awaits the outcome of the upcoming OPEC+ meeting.

Both Saudi Arabia and Russia have announced that they will maintain their oil supply cuts in November.

Oil Prices: Chief executive officers of Shell Plc, TotalEnergies SE and Occidental Petroleum Corp., among others, will later Monday discuss plans for the energy transition.

Oil futures settled higher on Tuesday, recovering from recent losses and a weak start..

OPEC+ supply cuts, combined with global events like Russias invasion of Ukraine and the COVID-19 pandemic, drive a renewed momentum in oil prices nearing $100 per barrel, posing challenges for U.S. economic stability ahead of a presidential election.

The Saudis and the Russians may have taken a risk with their cuts, but with Brent at $95 per barrel, both incumbents have seen their oil revenues increase compared to earlier this year

The tax helps the government to raise more resources to subsidise the prices of LPG and CNG for consumers.

Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and UAE will officially join the group in Jan 2024

Oil Updates: "But with investors now questioning the resilience of the global economy going into next year against the backdrop of higher interest rates for longer, that bullish bias in oil markets may become more balanced," said Craig Erlam, an analyst at OANDA.