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Saudis Cut 100,000 Barrels A Day, Even After Joe’s Fist Bump

At a glance

  • OPEC+ agreed to cut oil production for the first time in over a year, delegates said, saying it should pull back about 100,000 barrels a day amid fears of a global recession and more Iranian crude coming to the market in the event of a revived nuclear deal.
  • The move shows how worries over an economic slowdown are dominating a global oil market that has experienced a 25% decline in Brent crude prices in the past three months
  • Fears of oil shortages had driven prices above $100 a barrel for months this year, but the market’s recent slide prompted the Organization of the Petroleum Exporting Countries and Moscow-led allies.

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