OPEC

Oil Prices Surge After Surprise Move To Cut Output
04 Apr

Oil Prices Surge After Surprise Move To Cut Output

wontumionlineBusiness,
Oil prices have surged after several of the world’s largest exporters announced surprise cuts in production. The price of Brent crude oil is trading above $84 a barrel after jumping by almost 6%. Economists warned that higher oil prices could make it harder to bring down the cost of living. But the RAC motoring group said it does not expect petrol prices to rise unless the higher oil price is sustained over several days. Brent crude prices rose after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels of…
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Oil Prices Increase By 8% After OPEC’s Surprise Output Cut
03 Apr

Oil Prices Increase By 8% After OPEC’s Surprise Output Cut

wontumionlineBusiness,
Oil prices surged as much as 8% at the open after OPEC+ announced it was slashing output by 1.16 million barrels per day. Brent crude futures last jumped 5.07% to $83.95 a barrel on that news, and U.S. West Texas Intermediate crude futures soared 5.17% to $79.59 a barrel. The voluntary cuts will start from May to end 2023, Saudi Arabia announced, saying it was a “precautionary measure” targeted toward stabilizing the oil market. The move comes on the back of Russia’s decision to trim oil production by 500,000 barrels per day until the end of 2023, according to the…
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Oil Prices Fall Below $90; Fuel Prices May Go Down On September 16
08 Sep

Oil Prices Fall Below $90; Fuel Prices May Go Down On September 16

wontumionlineBusiness, , , ,
Oil prices have fallen below $90 dollars per barrel on the world market, following fears of global economic recession. This could cause a reduction in fuel prices at the pumps on September 16, 2020 if the trend continues. Brent crude futures sold at $88 a barrel, falling below the 90 dollars a barrel for the first time since February 8, 2022. Analysts believe the slowing demand for the commodity in Europe, cut in production by Organisation of the Petroleum Exporting Countries (OPEC), coupled with interest rates hike by Central Banks are some of the major factors influencing the fall in oil…
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