Is it time to prepare for $100 oil again? What about $4 gas?
Well, consumers may need to endure higher energy costs this winter after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+ slashed production by two million barrels per day.
The 23-nation cartel announced:
“Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries as per the attached table.”
This is much higher than what outlets had reported, ranging between one million bpd and 1.5 million bpd.
The move was in response to growing recession fears.
Prices surged on the news, with West Texas Intermediate (WTI) futures topping $88 and Brent futures flirting with $94 a barrel.
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