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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The drop in global oil prices and investors' anticipation of the results of the OPEC meeting and oth

    Rocky
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    • Post n°1

    The drop in global oil prices and investors' anticipation of the results of the OPEC meeting and oth Empty The drop in global oil prices and investors' anticipation of the results of the OPEC meeting and oth

    Post by Rocky Mon Aug 01, 2022 6:33 am

    The drop in global oil prices and investors' anticipation of the results of the OPEC meeting and other major producers
    by[You must be registered and logged in to see this link.][You must be registered and logged in to see this link.]2 Hours ago
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    Oil prices fell, early on Monday, while investors in the sector are awaiting a meeting of officials in the Organization of the Petroleum Exporting Countries and other major producers, in order to study the supply of markets in the coming period.
    According to "Reuters", Brent crude futures fell by 63 cents, or 0.6 percent, per barrel at 12 GMT.
    Meanwhile, WTI fell from $103.34 a barrel to $97.87, or 75 cents.
    Oil had fallen even more, when trading began in Asia, where the price reached $97.55 a barrel.
    The price of oil fell, amid fears that inflation and high interest rates would cause an economic recession, which means a decline in demand for “black gold.”
    Oil prices rose remarkably after the start of Russian military operations last February, which led to an unprecedented exacerbation of inflation in many countries of the world.
    A report revealed that the “OPEC +” group produced in June a quantity of crude less than three million barrels per day than its expected quotas, as sanctions imposed on some members and a reduction in the volume of investment in others undermined its ability to calm the energy crisis around the world.
    This development represents another setback for the US administration led by Joe Biden, which had hoped that OPEC would be able to increase production to offset Russian supply disruptions and slow the rise in fuel costs and inflation in its broader measures, according to Reuters.
    The Russian Interfax news agency quoted a source familiar with the data as saying that the rate of production shortfall in “OPEC +” jumped to 320 percent in June, from 256 percent in May and 220 percent in April.
    She also said that the shortfall in the production of the “OPEC +” group from the planned levels amounted to 2.84 million barrels per day last month.
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