OPEC Cuts Oil Production
Since oil prices plummeted to below $70 a barrel, the Organization of Petroleum Exporting Countries has been talking about cutting oil production to respond to
Jul 31, 202053.7K Shares2.8M Views
Since oil prices plummeted to below $70 a barrel, the Organization of Petroleum Exporting Countries has been talking about cutting oil production to respond to a demand that just keeps dropping. Today, OPEC is doing it. It announceda plan to cut oil output by 1.5 million barrels.
With the global economy in shambles, oil demand and consumption continues to fall. It’s been on the decline since January 2008 and sharp spikes in oil prices this summer — up to $147 a barrel — certainly didn’t help.
One of the uncertain parts of this equation is the variable of what consumers will do next. How will businesses and individuals respond to oil as low as$63 a barrel and gas prices as low as$2.82?
I’ll have some of these answers in a piece later today.
Camilo Wood
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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing.
Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers.
Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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