Tag: OPEC+

The OPEC+ alliance led by Saudi Arabia and Russia is debating a fresh oil supply cut to the global economy as prices begin to slump. The group is set to discuss the proposal at the OPEC headquarters in Vienna, Austria on Sunday. Saudi Arabia, a leader...

Oil prices rose for a third consecutive day on Wednesday after Saudi Arabia submitted a warning to traders thinking of short selling. The Saudis' warning has given rise to expectations that OPEC+ could look to further reduce oil output in an effort to continue...

Oil rallied 8% on Monday, signaling its largest price increase over the past year. This came after the Organization of Petroleum Exporting Countries and its allies, including Russia, made an unexpected production cut. In a move that surprised markets, members of OPEC+ pledged to cut...

Futures listed on the Nasdaq 100 and the S&P 500 declined on Monday amid concerns regarding persisting inflation as well as the decision of Saudi Arabia and other OPEC+ oil producers to further reduce oil output by about 1.16 million barrels per day, thereby...

Saudi Arabia and several other oil producers from OPEC+ have agreed to slash their oil production during a meeting over the weekend. The “voluntary decision,” which will cut the output by more than 1 million barrels per day, will remain in place until 2024. This...