Page 53 - Pec News Today

The oil cartel's members said Wednesday that they would slash crude production in a bid to drive prices higher.

Opec+ oil producers agreed to lower their output target by 2 million barrels per day to help stabilise the market, Kremlin spokesman Dmitry Peskov said on ..

The move has widened a diplomatic rift between the Saudi-backed bloc and Western nations, which worry higher energy prices will hurt the fragile global economy and h...

Morgan Stanley believes oil prices will break $100 in the first quarter of 2023, increasing its forecast from $95

After OPEC+ agreed to steep oil production cuts on Wednesday, curbing supply in an already tight market, Indian economist Dr Charan Singh called India fortunate enough as the country is not going to be badly impacted by these policies as it is not on the verge of recession.

The Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, meeting in Vienna later on Wednesday, are discussing output cuts as big as 2 million barrels per day (bpd), an OPEC source said.

Traders said that a stronger dollar was the main reason for the slightly easier prices, as it reduced demand from buyers using other currencies

The OPEC+ cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago on fears of a global economic recession, rising U.S. interest rates and a stronger dollar.

The White House reacted with disappointment to the news, as the Biden administration had wanted the group to pump more to lower fuel prices ahead of the midterm elections.

OPEC+, the group of major oil producers, which includes Saudi Arabia and Russia, announced the production cut following its first meeting in person since March 2020.