The alliance, which includes Saudi Arabia and Russia, has decided to sharply cut production to support sagging oil prices.
The OPEC+ alliance of oil-exporting countries on Wednesday will debate a potentially large cut in the amount of crude it ships to the global economy.The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.
The impact of the production cut on oil prices -- and thus the price of gasoline made from crude -- will be limited somewhat because OPEC+ members already can't meet their quotas. "We are going through a period of diverse uncertainties, which could come our way, it's a brewing cloud," bin Salman said, adding that OPEC+ sought to remain "ahead of the curve."
The Biden administration will work with Congress on additional tools to reduce OPEC's control over energy prices, the statement said. Dwindling prospects for a diplomatic deal to limit Iran's nuclear program also have lowered prospects for a return of as much as 1.5 million barrels a day in Iranian oil to the market if sanctions are removed.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPEC+ announces oil production cut, a move that could push US gas prices to riseThe OPEC+ alliance has decided to sharply cut oil production to support sagging prices, which could push gasoline prices to ries at the pump.
Read more »
US Rep. Ro Khanna slams Saudi Arabia as 'third-rate power' as OPEC considers slashing oil output | CNN BusinessUS Rep. Ro Khanna is calling for the White House to retaliate against Saudi Arabia if OPEC and its allies slash oil production in a bid to boost prices.
Read more »
Saudi futuristic megacity in desert to host Asian Winter GamesSaudi Arabia has been chosen to host the 2029 Asian Winter Games at a $500B futuristic megacity in the desert that planners say will feature a year-round winter sports complex
Read more »
Saudi Arabia's building a $500 billion city for the Asian Winter GamesSaudi Arabia just won a bid for the 2029 Asian Winter Games. The $500 billion city they're set to be hosted in doesn't exist yet.
Read more »
Time for U.S. to reevaluate Saudi relationship, Sen. Chris Murphy says ahead of OPEC output cutOPEC+'s plans to cut oil production is a 'mistake' and there needs to be a re-evaluation of the alliance between the Saudis and the U.S. said a U.S. Senator.
Read more »
Saudi non-oil private sector keeps up steady growth in Sept - PMISaudi Arabia's non-oil private sector growth remained solid in September helped by a relatively strong pickup in output and new orders, albeit at a slower pace than in August as confidence softened, a survey showed on Tuesday.
Read more »