{"id":63220,"date":"2022-08-04T06:54:06","date_gmt":"2022-08-04T11:54:06","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63220"},"modified":"2022-08-04T06:54:06","modified_gmt":"2022-08-04T11:54:06","slug":"opec-agrees-to-produce-slightly-more-oil-as-recession-fears-loom","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63220","title":{"rendered":"OPEC agrees to produce slightly more oil as recession fears loom"},"content":{"rendered":"

OPEC agrees to produce slightly more oil as recession fears loom<\/a><\/h3>\n
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London (CNN Business)<\/cite>The world’s oil-exporting countries have agreed to a tiny increase in output next month amid fears that a\u00a0global recession<\/a>\u00a0will crimp demand.<\/p>\n<\/div>\n

The Organization of the Oil Exporting Countries and its allies \u2014 which includes Russia \u2014 also known as OPEC+, said on Wednesday that it would produce an additional 100,000 barrels a day in September.<\/div>\n
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This was the first OPEC meeting since US President Joe Biden\u00a0visited Saudi Arabia last month<\/a>. Biden urged the country \u2014 which is the group’s biggest oil producer \u2014 to start pumping more.<\/div>\n
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For months, prices have climbed as Western\u00a0embargoes on Russian oil<\/a>\u00a0have limited global supply. Those prices have helped the world’s biggest oil companies\u00a0reap record profits<\/a>, even as millions face surging fuel bills.<\/div>\n
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A gallon of regular gasoline in the United States\u00a0surpassed $5<\/a>\u00a0for the first time in June, though\u00a0prices have fallen back significantly<\/a>\u00a0since then.<\/div>\n
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The price of Brent crude, the global benchmark, also hit a high of $139 a barrel in March in the days after Russia invaded Ukraine, but Brent is now trading at around $100 as traders fear a global recession will hurt demand.<\/div>\n
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Brent crude and West Texas Intermediate crude \u2014 the North American benchmark \u2014 both rose initially on Wednesday after OPEC’s announcement, as oil investors expected a bigger increase in production. But prices fell about 2% by midday.<\/div>\n
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“As a production rise it is a very small percentage of overall production, and much smaller than previous months increases, and thus makes little difference to the overall supply picture,” Hazel Seftor, senior research analyst for global oil supply at Wood Mackenzie, told CNN Business.<\/div>\n
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\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

OPEC agrees to produce slightly more oil as recession fears loom London (CNN Business)The world’s oil-exporting countries have agreed to a tiny increase in output next month amid fears that a\u00a0global recession\u00a0will crimp demand. The Organization of the Oil Exporting Countries and its allies \u2014 which includes Russia \u2014 also known as OPEC+, said on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[33060,30934,595,600,1264],"class_list":["post-63220","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-anna-cooban","tag-cnn-business","tag-oil-production","tag-opec","tag-recession"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63220"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63220\/revisions"}],"predecessor-version":[{"id":63221,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63220\/revisions\/63221"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}