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- OPEC says its job is to regulate supply and demand rather than prices. The group's members depend heavily on oil revenue, with Saudi Arabia's budget balancing at an oil price of between $90 and $100 a barrel, according to various estimates.
www.reuters.com/markets/commodities/what-is-opec-how-does-it-affect-oil-prices-2024-05-24/
2 days ago · By Bloomberg News. November 19, 2024 at 3:32 PM PST. Translate. Oil was steady as an industry report signaled a build in US crude inventories ahead of official government figures. West Texas ...
Aug 1, 2024 · (Bloomberg) -- OPEC+ signaled no changes to oil supplies at a monitoring meeting, sticking with tentative plans to start reviving halted production next quarter. The group led by Saudi Arabia and Russia didn’t issue any specific recommendation at the online session on Thursday, according to delegates who asked not to be identified as the ...
May 24, 2024 · OPEC says its job is to regulate supply and demand rather than prices. The group's members depend heavily on oil revenue, with Saudi Arabia's budget balancing at an oil price of between $90...
May 24, 2024 · OPEC+ crude output represents about 41 per cent of global oil production. The group’s main objective is to regulate the supply of oil to the global market. The leaders are Saudi Arabia and...
1 day ago · The cost of producing oil onshore in the Middle East has an average breakeven price of $27 a barrel, according to consultant Rystad Energy. Rystad puts North American costs at $45, down from $85 ...
Sep 5, 2024 · (Bloomberg) -- OPEC+ postponed its oil supply hike by two months, but the move wasn’t enough to roll back steep losses in crude prices amid fears about fragile demand. Key coalition members won’t now increase production by 180,000 barrels a day in October and November, according to a statement on OPEC’s website.
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Dec 4, 2022 · Oil fell the most in more than two weeks as broader equity markets collapsed and risk-averse investors pared crude positions ahead of the end of the year.
