![]() “President Biden is focused on prices for American consumers, which have been coming down steadily,” the White House said in a statement Thursday after the OPEC+ meeting. High inflation has been a political challenge for Biden going into the 2024 election, prompting him to say this week that efforts to improve supply chains and reduce price pressures are a priority. Gas is averaging just below $3.25 a gallon, the motor club said, down about 7% from a month ago.īut that’s still higher than when President Joe Biden took office in January 2021, when prices were averaging about $2.40 a gallon. gas prices to fall or stay steady since Sept. The expanded cuts were expected to keep crude prices in the same range of $80 to $85 a barrel for the first half of the year, Leon said. crude also dropped 2.5% to $75.90 before settling at $75.96 per barrel. Saudi Arabia is trying to fund an ambitious overhaul of the kingdom’s economy, reduce its dependence on oil and create jobs for a young population.īut the international benchmark Brent crude has stayed in the low- to mid-$80 range in recent weeks and fell more than 2% to $80.91 a barrel following the meeting before settling at $82.83 Thursday. Russia wants higher oil prices to boost the main way it fills its war chest against Ukraine, while the Saudis have to earn nearly $86 per barrel to meet their planned spending goals, according to the latest estimate from the International Monetary Fund. It was followed by Russia, which is cutting 500,000 barrels per day of crude and refined oil products, and then Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman with smaller amounts. Saudi Arabia led the deepening voluntary cuts Thursday, extending its reduction of 1 million barrels per day through March. ![]() Thatll be around 26.5 of global market share assuming an oil demand figure of 101. Taken together, the bloc’s two moves Thursday serve to “preserve the unity of the group at a challenging time,” Bhushan Bahree, another executive director at the group, wrote. The group will have 12 members pumping around 27 million bpd minus Angola. Paul Tossetti, an executive director of S&P Global Commodity Insights, praised the “imaginative ways” of OPEC+ lately in dealing with market challenges from the Americas, climate change efforts and on other fronts. Last summer President Biden traveled to Saudi Arabia - which he had previously called a "pariah" state - to ask the country's leaders to increase oil production.Other energy experts saw the oil bloc’s two-part solution for a lagging market more positively. Crude oil prices are closely associated with the cost of gasoline. and on the cusp of the busy summer travel season. The cuts come shortly after Memorial Day in the U.S. That's 1.5 million fewer barrels per day than it was churning out earlier this year. ![]() Saudi Arabia will now produce 9 million barrels of crude oil per day, the country's Ministry of Energy said. Global oil production ranges around 100 million barrels a day. Meanwhile the United Arab Emirates will increase its crude output. There had been pressure on many African nations and Russia to cut production. ![]() OPEC+ countries produce about 40% of the world's crude oil. OPEC+ countries also agreed to extend oil production cuts they announced in April through the end of 2024, reducing the amount of crude they pump into the world market by more than 1 million barrels per day. Energy 5 things to know about Saudi Arabia's stunning decision to cut oil production ![]()
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