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Soaring inflation
- Global oil supply is set to tighten, intensifying concerns over soaring inflation after the OPEC+ group of nations announced its largest supply cut since 2020. The move comes ahead of European Union embargoes on Russian energy over the Ukraine war.
www.aljazeera.com/news/2022/10/6/why-is-opec-cutting-global-oil-production
Apr 3, 2023 · LONDON, April 3 (Reuters) - OPEC and its allies, including Russia, agreed on Sunday to widen crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7% of global demand.
- What Has OPEC Decided and Why?
- What Comes Next?
- How Has The World Reacted?
The Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia, on Wednesday agreed to slash output by two million barrels per day (bpd)just ahead of the peak winter season. The OPEC+ member states cut production starting in November after gathering for their first face-to-face meeting at their Vienna headquarters s...
Swissquote analyst Ipek Ozkardeskaya warned the big cut could “backfire” on OPEC+ if investors fear it will push inflation higher and force central banks to hike interest rates so much that it triggers a recession. “The higher the energy prices, the sharper the central banks must kill demand to pull the prices lower,” she said before the decision w...
That move triggered a sharp response from Washington, which criticised the OPEC+ deal as shortsighted. The White House said US President Joe Biden would continue to assess whether to release further strategic oil stocks to lower prices. “Saudi, UAE (the United Arab Emirates) and Kuwait are likely to take up most of the burden of cuts,” Tilak Doshi,...
20 hours ago · The U.S. has become the world's largest oil producer, pumping more than 20 million bpd or a fifth of global production. Top OPEC producer Saudi Arabia's crude output is less than 9% of the global ...
Jun 5, 2023 · Opec was formed in 1960 as a cartel, which aimed to fix the worldwide supply of oil and its price. Opec nations produce about 30% of the world's crude oil. Saudi Arabia is the biggest single...
May 28, 2024 · LONDON, May 28 (Reuters) - OPEC+ is working to agree oil production capacity for its member countries by the end of 2024, an issue that has created tensions in the past because each...
Jun 5, 2023 · Opec was formed in 1960 as a cartel, which aimed to fix the worldwide supply of oil and its price. Opec nations produce about 30% of the world's crude oil. Saudi Arabia is the...
Oct 6, 2022 · Deep oil production cuts approved by OPEC+ have sent shockwaves across energy markets, put the cartel on a collision course with Washington and pointed to a strengthening bond between Saudi...
