The OPEC+ alliance of oil exporting countries is deciding on whether to produce more crude as members face sluggish demand and competing production from non-allied countries, factors that could keep oil prices stagnant into next year. Key beneficiaries of that would be U.S.
FRANKFURT, Germany — The OPEC + alliance of oil exporting countries will decide Thursday whether to put off plans to pump more crude amid sluggish demand and competing production from non-allied countries -- factors that could keep oil prices stagnant into next year.
Eight OPEC+ members planned to start increasing production from Jan. 1 by gradually restoring 2.2 million barrels per day in previous production cuts. Analysts now say the group could postpone production increases for another three months as it monitors demand. One result of those slack prices is that U.S. average pump prices for gasoline fell to $3.03 a gallon this week, the lowest since May, 2021 and well down from their record peak of $5.02 from June, 2022, according to motoring club AAA.U.S. oil price levels of $70 or less “are great for consumers,” said AAA spokesman Andrew Gross. Crude oil makes up about half the price of a gallon of gasoline, making crude the key factor on top of distribution costs and taxes.
Russia Saudi Arabia General News Scott Bessent Andrew Gross Mohammed Bin Salman World News Donald Trump Business Commerzbank AG World News
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This spot will be key to the inevitable collapse of a key Atlantic currentSascha is a U.K.-based trainee staff writer at Live Science. She holds a bachelor’s degree in biology from the University of Southampton in England and a master’s degree in science communication from Imperial College London. Her work has appeared in The Guardian and the health website Zoe.
Read more »
Crude Oil sees buyers and sellers compressed in tight range ahead of OPEC+ meetingCrude Oil trades in the red and loses around 1% on Friday. However, it is in a continuous tight range with traders on the sidelines awaiting the outcome of the upcoming Organization of the Petroleum Exporting Countries and its allies (OPEC+) meeting on its output policy, which has been delayed to next Thursday.
Read more »
Crude Oil ticks up with help from weaker Dollar and further OPEC delaysCrude Oil ticks up on Wednesday, flirting with a 1% gain on the day. The move comes with several Organization of the Petroleum Exporting Countries and its allies (OPEC+) delegates confirming talks are underway for another delay of plans for its
Read more »
Crude Oil sees traders getting nervous ahead of OPEC+ meeting with Iran driving up stakesCrude Oil price is starting to tick up with tensions brewing ahead of the most crucial OPEC+ meeting before 2025, to be held on Thursday. Before the gathering, Iranian official Afshin Javan threw the cat among the pigeons by issuing an opinion piece
Read more »
Crude Oil flirts with $70.00 ahead of eventful 24 hours with OPEC+ and EIA on deckCrude Oil is unfit to remain bullish enough to hold above $70.00 on Wednesday, with traders getting nervous over geopolitical tensions and OPEC+ set to act.
Read more »
Crude Oil steadies ahead of OPEC+ decision on supply cutsCrude Oil is consolidating at around $68.50 on Thursday after Wednesday’s losses ahead of the decision from OPEC+ meeting that is taking place at the time of writing. OPEC+ members are convening online to discuss a delay of the production
Read more »