The OPEC+ alliance of oil-exporting countries has decided to sharply cut production to support sagging oil prices
, whose leaders accuse Moscow of retaliation for their support for Ukraine and imposing of sanctions.
Russia “will need to find new buyers for its oil when the EU embargo comes into force in early December and will presumably have to make further price concessions to do so,” analysts at Commerzbank said. “Higher prices beforehand — boosted by production cuts elsewhere — would therefore doubtless be very welcome.”
International benchmark Brent has sagged as low as $84 in recent days after spending most of the summer months over $100 per barrel. U.S. crude rose to $87.64, and international benchmark Brent went up to $93.21 after the decision.Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Gas prices expected to increase after OPEC slashes oil production by 2M barrels a dayThe average gas price in Illinois is $4.32, while Chicago drivers are paying roughly $4.87.
Weiterlesen »
US Should Respond to OPEC by Reinstating Oil Export Ban, Says Green Group\u0022It is no surprise that the international oil cartel is seeking to maintain high prices,\u0022 said a campaigner with Food \u0026 Water Watch. \u0022Political leaders here at home must understand that the solution is not to increase drilling.\u0022
Weiterlesen »
US oil industry mocks Biden after OPEC+ announces production cutsThe U.S. Oil & Gas Association on Wednesday suggested that President Biden is now forced to turn to the U.S. oil industry after tapping out strategic reserves and OPEC+ cut production.
Weiterlesen »
OPEC+ Oil Production Slash Exposes Limits of Biden's Pressure on MBS, Putin'The alignment within OPEC+ is strong, politically and with regard to oil,' expert Abhi Rajendran told Newsweek. 'The U.S. was never going to crack that.'
Weiterlesen »
Oil Price Soars Following OPEC Production Cut – Key Tests Ahead for WTIOPEC+ agrees to cut oil production by 2 mln barrels per day. WTI rallies into key trendline resistance, 50-day moving average. White House extremely disappointed with OPEC “alignment with Russia”
Weiterlesen »
OPEC+ announces oil production cut, a move that could push US gas prices to riseThe alliance, which includes Saudi Arabia and Russia, has decided to sharply cut production to support sagging oil prices.
Weiterlesen »