The move signals their unhappiness with crude oil prices that have dropped because of recession fears.
Oil pumpjacks operate on August 5, 2022 near Ventura, California. The Inflation Reduction Act of 2022 holds provisions for climate change including tax incentives for clean energy production in what would be a major legislative accomplishment for theOPEC and allied oil-producing countries, including Russia, cut their supplies to the global economy by 100,000 barrels per day, underlining their unhappiness with crude prices that have sagged because of recession fears.
But worries about slumping future demand have helped send prices down from June peaks of over $120 per barrel, cutting into the windfall for the government budgets of OPEC+ countries but proving a blessing for drivers in the U.S. as pump prices have eased. Meanwhile, a deal between Western countries and Iran to limit Tehran’s nuclear program could ease sanctions and see more than 1 million barrels of Iranian oil return to the market in coming months. However, tensions between the U.S. and Iran appear to have risen in recent days: Iran seized two U.S. naval drones in the Red Sea, and U.S., Kuwaiti and Saudi warplanes flew over the Middle East on Sunday in a show of force.
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OPEC+ cuts oil supplies to the world as prices fallOPEC and allied oil-producing countries, including Russia, have cut their supplies to the global economy by 100,000 barrels per day, underlining their unhappiness with crude prices that have sagged because of recession fears.
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OPEC+ makes small trim to world oil supplies as prices fallOPEC and allied oil-producing countries, including Russia, cut their supplies to the global economy by 100,000 barrels per day, underlining their unhappiness with crude prices.
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Oil prices climb as OPEC+ agrees to 100,000 barrel cut per dayOil prices climbed on Monday as members of the Organization of Petroleum Exporting Countries (OPEC+) agreed to cut output by 100,000 barrels a day in October.
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Oil prices climb ahead of OPEC+ meetingPetroleum exporting states and allies will meet with the aim to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.
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Oil Producer Group OPEC Surprises Energy Markets With a Small Production CutEnergy analysts had broadly expected the group to stay the course with its production policy.
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OPEC+ JMMC recommends cutting oil output targets by 100K bpd in October – ReutersJoint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and allies including Russia, known collectively
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