• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Money Profit News
No Result
View All Result
Home Breaking News

OPEC+ agrees to stick to oil production plan, defying U.S. pressure

by
November 4, 2021
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

Goldman sees debt limit fight possibly hitting stocks this summer

WHO says Covid remains a global emergency but pandemic could near its end in 2023

How analysts are playing gig economy stocks ahead of earnings

I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 3 of the easiest ways you can catch up (and fast)

An Emirati man stands in front of a pipeline at the oil terminal of Fujairah during the inauguration ceremony of a dock for supertankers on September 21, 2016.

Karim Sahib | AFP | Getty Images

OPEC and its oil-producing allies have agreed to continue with their current output plan, deciding against loosening the taps in the face of multiyear highs in crude prices and U.S. pressure to help cool the market.

The group, known as OPEC+, will rollover its August program to gradually increase oil production by 400,000 barrels per day each month.

Russian Energy Minister Alexander Novak told a news conference Thursday: “The decision was made previously to increase production by 400,000 (barrels per day) every month, and I underscore every month, until the end of 2022. Today the decision was reiterated to maintain current parameters which were decided on earlier.”

Asked why the group was not boosting its production levels despite complaints and requests from oil consumers like the U.S., India and Japan, Novak replied that OPEC and its allies were maintaining market balance and remaining wary of potential changes in demand.

“From August until now, we have added 2 million barrels of additional production to the market,” Novak said. “So as planned, we are giving the market more and more volume, as it is recovering, at the same time we also see there is a seasonal drop in demand in the fourth and first quarters of the year, and also there are some signs such as a decrease in oil product demand in the EU in October, which we have observed.”

The minister continued that this “basically underscores the fact that global oil demand is still under pressure from the delta Covid variant, and due to the preservation of various limitations and Covid measures in some countries.”

Oil prices have recently hit their highest levels since 2014, and crude-importing countries are feeling the pain.

President Joe Biden squarely blamed the reluctance of OPEC+ to pump more oil for the sharp rise in energy prices in the U.S. and around the world.

“The idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not right,” Biden said Sunday at the G-20 meeting in Rome.

Next Post

October Employment Preview

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Goldman sees debt limit fight possibly hitting stocks this summer

by
January 30, 2023
0

The actions of the Federal Reserve have been driving markets for the better part of the year, but investors may...

Read more

Goldman sees debt limit fight possibly hitting stocks this summer

How analysts are playing gig economy stocks ahead of earnings

WHO says Covid remains a global emergency but pandemic could near its end in 2023

If you want to be really rich, use these 3 Warren Buffett investing techniques that no one talks about

I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 3 of the easiest ways you can catch up (and fast)

Genius Brands stock soars after plans to spinoff $37 million Entrepreneur Resorts subsidiary

Load More

All rights reserved by www.moneyprofitnews.com

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

moneyprofitnews