OPEC+ is set to consider Wednesday its most drastic reduction of production since the pandemic began in order to help prop up falling oil prices, a move that could put pressure on global economic growth
The Organization of the Petroleum Exporting Countries and Moscow-led allies, collectively known as OPEC+, is considering a cut of more than 1 million barrels a day, delegates in the group said.
In the past months, the U.S. has responded to rising oil prices by tapping into its strategic stockpiles. Christyan Malek, global head of energy strategy at JP Morgan, said Saudi Arabia’s support for a cut to production could partly be a response to the U.S. decision to release stockpiled oil, which has helped lower the price of gas for American consumers.
#oil #gasoline #US #OPEC
In the past months, the U.S. has responded to rising oil prices by tapping into its strategic stockpiles. Christyan Malek, global head of energy strategy at JP Morgan, said Saudi Arabia’s support for a cut to production could partly be a response to the U.S. decision to release stockpiled oil, which has helped lower the price of gas for American consumers.
#oil #gasoline #US #OPEC
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