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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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    A sudden decision by OPEC raises oil prices and an international "concern" of an economic recession

    Rocky
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    A sudden decision by OPEC raises oil prices and an international "concern" of an economic recession Empty A sudden decision by OPEC raises oil prices and an international "concern" of an economic recession

    Post by Rocky Sun 09 Apr 2023, 4:44 am

    A sudden decision by OPEC raises oil prices and an international "concern" of an economic recession
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    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.
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