OPEC and allied oil-producing countries, including Russia, made a small trim in their supplies to global economy Monday, underlining their unhappiness as recession fears help drive down crude prices — along with the cost of gasoline, to drivers’ delight.
FRANKFURT, Germany — OPEC and allied oil-producing countries, including Russia, made a small trim in their supplies to the global economy Monday, underlining their unhappiness as recession fears help drive down crude prices — along with the cost of gasoline, to drivers’ delight.
Since then, growing worries about slumping future demand have helped send oil prices down from June peaks of over $120 per barrel, cutting into the windfall for OPEC+ countries’ coffers but proving a blessing for drivers in the U.S. as pump prices have eased. The amount of oil per day “may seem negligible, but the message from today’s cut is clear: OPEC+ thinks they’ve fallen enough,” Columbia University energy policy expert Jason Bordoff tweeted.
Those falling oil prices have been a boon to U.S. drivers, sending gasoline prices down to $3.82 per gallon from record highs of over $5 in June and offering a potential boost to Biden as his Democratic Party heads into midterm elections. But concerns about the loss of Russian supply are still out there because European sanctions aimed at blocking most Russian oil imports won’t take effect until the end of the year.
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OPEC+ makes small trim to world oil supplies as prices fallOPEC and allied oil-producing countries, including Russia, made a small trim in their supplies to the global economy Monday, underlining their unhappiness as recession fears help drive down crude prices — along with the cost of gasoline, to drivers’ delight.
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OPEC, allies cutting world oil supplies as prices fallThe move signals their unhappiness with crude oil prices that have dropped because of recession fears.
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OPEC+ cuts oil supplies to the world as prices fallOPEC and allied oil-producing countries, including Russia, have cut their supplies to the global economy by 100,000 barrels per day, underlining their unhappiness with crude prices that have sagged because of recession fears.
Consulte Mais informação »
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