OPEC’s Oil Production Cut Will Cause More Pain At The Pump
Headline from Forbes, on the newest of 2 developments
On October 5, OPEC+ approved cutting its oil production by two million barrels per day, further squeezing an already tight global supply. The oil-producing organization is responsible for 90% of the world’s oil reserves. After months of very high gas prices, consumers were benefiting from price d
Forbes's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Developments in this update
2 dated developments, oldest first, newest marked. Each is named by one outlet's own headline; open its reports to see every outlet that covered it.
OPEC is mulling an oil-production cut of more than 1 million barrels per day, and the move is exactly the opposite of what the US wants right now
Headline from Insider ·
Newest
OPEC’s Oil Production Cut Will Cause More Pain At The Pump
On October 5, OPEC+ approved cutting its oil production by two million barrels per day, further squeezing an already tight global supply. The oil-producing organization is responsible for 90% of the world’s oil reserves. After months of very high gas prices, consumers were benefiting from price d
Rising oil prices could mean inflation remains higher for longer, and add to pressure on the Federal Reserve to hike interest rates even more aggressively.
The Organization of the Petroleum Exporting Countries and its Russia-led allies, known as OPEC+, on Wednesday said it will reduce the amount of oil it produces by 2 million barrels per day starting in November, a move that is likely to drive up oil and gasoline prices in an already tight global mark…
OPEC+ agreed to cut its collective output limit by 2 million barrels day as it seeks to halt a slide in oil prices caused by the weakening global economy.
The OPEC+ group of oil-producing nations agreed Wednesday to slash oil production by 2 million barrels per day as it seeks to stabilize global oil prices after months of decline, delivering a major blow to the Biden administration ahead of the midterm elections.
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