A final decision on the size of the cuts won't be made until ministers gather in Vienna on Wednesday
West Texas Intermediate rose to near $84 a barrel on news that the Organization of Petroleum Exporting Countries and its allies may scale back production by more than one million barrels a day, its largest reduction since the pandemic. A final decision won’t be made until ministers gather in Vienna on Wednesday.
With potential recessions and lower seasonal demand heading into the winter, “there’s not a great forward scenario, so the cuts themselves make some sense given how the data’s lining up,” he added. This week’s OPEC+ meeting will be the first in-person gathering since March 2020. The group is deciding on supply for November.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Week Ahead: Canadian labour force survey; OPEC+ meeting - BNN BloombergA look at what investors will be watching in the upcoming week.
Read more »
The Daily Chase: Enbridge CEO succession; Oil rallies on hope for OPEC+ cut - BNN BloombergThe price of West Texas Intermediate crude spiked as much as 4.8 per cent this morning on hope for a big production cut when OPEC+ meets in Vienna this week.
Read more »
OPEC+ to consider oil cut of over than 1 million barrels per day: sourcesA cut in oil output could exceed 1 million bpd, sources say. Cuts could also include a voluntary additional reduction of production by Saudi Arabia
Read more »
Premarket: Fourth quarter off to shaky start as stocks stumble, but oil jumpsEquity markets are languishing at their lowest levels since late 2020 - when the global economy was still reeling from the COVID-19 pandemic
Read more »
OPEC+ output cut of one million barrels would shock global economyOil ministers from the producers\u0027 group are expected to make their move at a meeting in Vienna on Wednesday. Read on
Read more »