FRANKFURT, Germany (AP) — The OPEC+ alliance of oil-exporting countries has decided to sharply cut production to support sagging oil prices. The move Wednesday could deal the struggling global
OPEC producers' unexpected 1.15 million barrel per day production cut could lift global oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday.
The reason oil prices jumped by more than 7% in early London trading was that members of the Opec+ cartel agreed a surprise cut in production over the weekend. The move, led by Saudi Arabia, will
2 days ago · Toyin O. Falola. OPEC, in full Organization of the Petroleum Exporting Countries, is an multinational organization that was established to coordinate the petroleum policies of its members and to provide member states with technical and economic aid. Learn more about the history, membership, and functions of OPEC in this article.
OPEC naturally keeps the market price of oil high in order to maximize its profits, as was seen when the organization slashed production in early April to just 3.7 percent of the global demand, Reuters notes. This caused the price per barrel to hit $85, a six-percent bump. However, while the law of supply and demand is a basic principle of
MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES. OPEC and its oil-producing partners have rebuffed President Joe Biden’s calls for increased production amidst rising fuel prices, retorting that if
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