Oil drill

BBC reports:

Several of the world’s largest oil exporters have announced surprise cuts in production in a move which is expected to push up prices.

Saudi Arabia, Iraq and several Gulf states said they were cutting output to support market stability.

Oil prices soared when Russia invaded Ukraine, but are now back at levels seen before the conflict began.

However, the US has been calling for producers to increase output in order to push energy prices lower.

Responding to news of the latest cuts, a spokesperson for the US National Security Council said: “We don’t think cuts are advisable at this moment given market uncertainty – and we’ve made that clear.”

The cuts – which amount to more than one million barrels per day – are being made by members of the Opec+ oil producers. The group accounts for about 40% of all the world’s crude oil output…

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Out two days ago: “Time To Buy The Oil Dip: Goldman Sachs“.

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