In a show of confidence in the market, the group, led by Saudi Arabia, said it would begin unwinding a further set of agreed cuts.
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In a show of confidence in the market, the group, led by Saudi Arabia, said it would begin unwinding a further set of agreed cuts.
By Stanley Reed
Oil prices rose strongly on Monday even though a group of eight oil-producing countries announced on Sunday that they would be increasing supplies.
The countries, led by Saudi Arabia, said in a news release that they would increase production by 137,000 barrels a day, beginning in October.
OPEC+ has agreed to further raise oil production from October as its leader, Saudi Arabia, pushes to regain market share.
The hike is the latest in a series of accelerated output increases, as concerns mount over potential supply disruptions linked to…
Brent crude oil has been trading near $70 per barrel, which could be due to a potential loss of Russian oil on the market and a…
RIYADH: The OPEC+ alliance has agreed to increase oil production by 547,000 barrels per day in September, citing improved global…
Opec has in recent years implemented several output cuts amounting to a total of almost six million barrels per day.
SINGAPORE: Oil prices edged higher on Monday, paring earlier losses, as traders expect the market to absorb another large output…
OPEC+ to ease oil cuts, citing stable market outlook - UPI.com
