Oil exporting giant Saudi Arabia released a statement saying the nation would continue to limit crude oil output by 1 million barrels a day for the rest of 2023. The cut leaves Saudi crude oil output at 9 million barrels of oil a day for the last quarter of the year. However, the nation did indicate it would review the policy every month. Other Organization of Petroleum Exporting Countries (OPEC) have collectively reduced oil output another 1.66 million barrels per day through 2024.
Tag: oil prices
Oil Plunges Below $80 to Eight-Month Low as Recession Fears Mount (Micro News for September 24, 2022 – September 30, 2022)
Investors concerned about inflation and the Federal Reserve's interest rate hikes pushed the price of crude oil below $80 a barrel for the first time in over nine months. One energy futures expert, Robert Yawger of Mizuho Securities, stated the Fed was "purposely sending this economy towards recession."
Oil Slides Under $90 to Fresh Six-Month Lows on Demand Worries (Micro News for August 6, 2022 – August 12, 2022)
Oil traders sold oil after determining gasoline demand was falling. U.S. Brent crude oil prices fell to $88.54 per barrel after a government report showed crude oil and gasoline inventories were moving higher. The unexpected news triggered a selloff and world price of Brent crude fell by about 3%. Oil prices are 28% below their closing price on March 8, 2022.
Oil Prices Tumble as Economies Show Signs of Strain (Micro News for April 16, 2022 – April 22, 2022)
Oil traders appear to be getting a case of the jitters. Crude futures have fallen to around $100 a barrel from an early March 2022 high of almost $140 a barrel. Many investors express concerns that China will begin decreasing oil consumption. The world’s second largest economy enacted Covid-induced shutdowns that are taking an economic toll with millions of people unable to work and travel.
Pearson Economic News 