{"id":4327,"date":"2023-06-03T05:28:53","date_gmt":"2023-06-03T05:28:53","guid":{"rendered":"https:\/\/grdiplomatic.com\/?p=4327"},"modified":"2023-06-03T05:28:55","modified_gmt":"2023-06-03T05:28:55","slug":"opec-determined-to-keep-prices-high","status":"publish","type":"post","link":"https:\/\/grdiplomatic.com\/en\/opec-determined-to-keep-prices-high\/","title":{"rendered":"OPEC+: Determined to keep prices high"},"content":{"rendered":"\n

OPEC and its allies are discussing deepening oil production cuts, possibly by as much as 1 million barrels per day, according to Reuters as oil prices fell towards $70 per barrel and market analysts spoke of a new supply glut.<\/p>\n\n\n\n

OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, pumps around 40% of the world’s crude, meaning its policy decisions can have a major impact on oil prices.<\/p>\n\n\n\n

According to Reuters, cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd that was\u00a0announced in April.<\/p>\n\n\n\n

If approved, it would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand.<\/p>\n\n\n\n

Western nations have accused OPEC of manipulating oil prices and undermining the global economy through high energy costs.<\/p>\n\n\n\n

In return, OPEC officials and insiders have said the West’s money-printing over the last decade has driven\u00a0inflation\u00a0and forced oil-producing nations to act to maintain the value of their main export.<\/p>\n\n\n\n

The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.<\/p>\n\n\n\n

\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

OPEC and its allies are discussing deepening oil production cuts, possibly by as much as 1 million barrels per day, according to Reuters as oil prices fell towards $70 per barrel and market analysts spoke of a new supply glut. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, pumps around 40% of the world’s crude, meaning its policy decisions can have a major impact on oil prices. According to Reuters, cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd<\/p>\n","protected":false},"author":2,"featured_media":4325,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77],"tags":[],"class_list":["post-4327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/grdiplomatic.com\/en\/wp-json\/wp\/v2\/posts\/4327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/grdiplomatic.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/grdiplomatic.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/grdiplomatic.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/grdiplomatic.com\/en\/wp-json\/wp\/v2\/comments?post=4327"}],"version-history":[{"count":1,"href":"https:\/\/grdiplomatic.com\/en\/wp-json\/wp\/v2\/posts\/4327\/revisions"}],"predecessor-version":[{"id":4328,"href":"https:\/\/grdiplomatic.com\/en\/wp-json\/wp\/v2\/posts\/4327\/revisions\/4328"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/grdiplomatic.com\/en\/wp-json\/wp\/v2\/media\/4325"}],"wp:attachment":[{"href":"https:\/\/grdiplomatic.com\/en\/wp-json\/wp\/v2\/media?parent=4327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/grdiplomatic.com\/en\/wp-json\/wp\/v2\/categories?post=4327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/grdiplomatic.com\/en\/wp-json\/wp\/v2\/tags?post=4327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}