Connect with us

Hi, what are you looking for?

World

Oil prices to rise as two million fewer barrels to be produced each day

The Organisation of the Petroleum Exporting Countries, Russia and the Organisation of the Petroleum Exporting Countries, have agreed to produce two million fewer barrels of crude oil per day, which is equivalent to 2% of the global supply.

This is an attempt to raise prices in countries that feel the heat from rising energy costs.

The group was led by Russia and Saudi Arabia, which represents the largest decline in output since the beginning of the pandemic. This is when oil prices plummeted and demand collapsed.



Latest news

Advertisement

Oil prices have risen 5% in the past week following Friday’s announcement. After the announcement of the production cut, Brent crude oil rose to $91.95 (PS81.69).

Due to fears of a global recession, prices had fallen to $90 per barrel (PS79.93) from their highs of $120/PS107 three months ago.

Officials from the Joe Biden Whitehouse were lobbying Opec members for production cuts that would increase oil prices during the American midterm elections.

More Business

Analysis:

The US has two fingers: Slashing oil production

The Biden administration has demanded that production be maintained at an elevated level since Russia invaded Ukraine. This will increase energy security and lower price pressure.

Angrily, the White House reacted angrily to the decision by calling it “shortsighted” and “mistake”. Karine Jean-Pierre, White House press secretary, said it was clear that Opec had made a decision to stand against the US.

She stated that “It is clear that OPEC+ aligns with Russia with today’s announcement.”

Before it was used, this description was rebuked.

Before the Opec meeting, Suhail al-Mazroui, United Arab Emirates Energy Minister, stated that “the decision is technical and not political.”

Sky News has more information:

Tonight, at least 50 children in Sheffield need a bed.

What would happen to people’s day-to-day lives if there were fewer benefits?

He stated that “we will not use them as a political organization”, and added that global recession concerns would be one of their key topics.

France already has oil supply problems but is not experiencing a shortage. To address supply problems at certain petrol stations, the country used its strategic reserves and granted priority access to healthcare workers.

On Wednesday, Iraq’s oil minister stated that the Opec output cuts will not affect his country’s oil exports.

Comments

Latest Tweets

London Globe

International drugs’ boss collared in £45 million sting after police follow lead from his dog Bob. london-globe.com/united-kingd… zpr.io/ZWC3f5BWrjEw #news #londonglobe #unitedkingdom

Advertisement

You May Also Like

Business

The controversial Russian businessman Viktor Baturin, well-known for his years-long counterstanding with his wealthy sister Elena, widow of Moscow ex-mayor Yuri Luzhkov, is likely...

United Kingdom

Film director Ridley Scott has recalled the death of actor Oliver Reed while making the Oscar winning blockbuster Gladiator. Scott said hard-drinking Reed “just...

United Kingdom

The Watneys Party Seven is making a comeback. The ubiquitous 70s beer was a bland fizzing bitter ridiculed by many. The drink’s insipidness helped...

European Union

On April 9, 2022 Dimash Qudaibergen’s first solo concert in Germany took place in Düsseldorf. The colossal energy and the atmosphere of unity did...