OPEC+ announces major cut in global oil supplies


oil pump petroleum gas

by Karen Faulkner, Worthy Correspondent

(Worthy News) – OPEC+ has announced a major cut in global supplies ahead of embargoes on energy and in time for the peak winter season, Reuters reports. Exacerbating concerns about soaring , the move is expected to push up the price of gasoline again.

The Organization of the Petroleum Exporting Countries, which includes Russia and , said Wednesday it will cut oil production by 2 million barrels per day, the biggest cut since the beginning of the pandemic in 2020. The cuts will begin in November, in time for the peak winter season. 

OPEC said in a statement that the decision to slash production was made “in light of the uncertainty that surrounds the global economic and oil market outlooks.”

In a statement to Reuters, a spokesperson at SK Energy, ’s largest refiner, commented: “We are concerned about a resurgence in international oil prices, which have shown some signs of calming down since the second quarter.” South Korea is Asia’s fourth-largest and has seen massive increases in costs due to surging commodity prices.

Brent crude oil reached $139.13 a barrel in March, its highest price since 2008, after Russia’s invasion of raised fears of the consequence of losing access to Russian energy, Reuters reports.

We're being CENSORED ... HELP get the WORD OUT! SHARE!!!
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Worthy Christian News