A sudden decision by OPEC raises oil prices and an international "concern" of an economic recession[You must be registered and logged in to see this link.] |Today, 12:1[You must be registered and logged in to see this image.]
Baghdad Today - Translator
Today, Sunday, the economic newspaper "The Economic Times" announced a rise in oil prices, following a "surprising" decision issued by OPEC, which included a reduction in its daily output.
And the newspaper indicated, according to what was translated (Baghdad Today), that "OPEC decided to reduce daily production by about 1.2 million barrels per day, after previous assurances it gave to the international market that there were no intentions to change production policy during the coming period."
The newspaper described OPEC's decision as "surprising," which led to a rise in oil prices that exceeded the eighty-dollar barrier, before returning to settle at eighty dollars per barrel, stressing that "despite the blow to the market as a result of the decision, oil prices have maintained their stability." stability today.
She explained that "OPEC's decision included reducing oil production from Saudi Arabia by about half a million barrels per day, while Iraq reduced its production by about 211 thousand barrels, the UAE by 144 thousand barrels, and Kuwait by about 128 thousand barrels per day. These moves, the newspaper said, aim to" control the recession in Oil prices as a result of the decline in global demand.
The newspaper pointed out that "the current decline in oil demand, which led OPEC to reduce production to maintain the price ceiling, comes as a result of" fears of a global economic downturn that has come to dominate the international market, especially after the crises that international banks were exposed to, the restrictions placed on Russian oil and the failure of efforts to control inflation rates in America and Europe.