Oil producers are facing falling oil prices – and bets by Wall Street speculators could push prices further down.
Saudi Arabia says it wants to target those traders. It has announced it will cut oil output by one million barrels a day, starting next month. That will push its production down to levels rarely seen in decades.
The decision came after lengthy negotiations by the OPEC+ alliance that saw other oil producers extend earlier reductions through to next year.
Elsewhere, Turkey’s new finance minister promises to return to “rational” economic policies.
Plus, clean energy investment is set to outshine oil for the first time ever.
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23 Comments
To the aid of Russia for sure. One of these days these decisions will cease to be relevant be saved by Putin and him taking over the country.
The price of oil drops as Western economies go into recession. The Rest of the world should prepare for havoc.
Dope they need to remove that price cup
The west Monopoly game. Must disband the military-industrial complex, prison complex military-industrial complex, data collecting and selling your information where is the address where it is being stored? America needs a new Constitution. All the West has is debt and oppression system, and No respect for life. Weaponizing every sector. Please read James Hart Stern's book. I'm glad to be a part of that project.
Every mega corporation racing to go after every last cent that can be squeezed from any given situation relentlessly and we wonder why cost of living is on fire.
Half way through, nothing about BRICS in relation to the cuts and nothing mentioned about Russian Oil being sold by middle person India to avoid the sanctions. Quite a bit of your reporting has been pretty shocking lately, can only assume the you no longer had the independence you once did.
Wisdom built a house for herself,
hewed [in it] seven pillars,
Jamal Khashoggi…
Its called supply and demand! The Kingdom of Saudi Arabia has the right to charge whatever they can get for their product, I don't think it is helpful to quietly whisper insinuations (or question the dignity) of one of our best (and closest) allies in the world. Don't you people have an editor?
Ironic how cutting the output would be good news for the environment but apparently that's bad also.
Oil price will be 10$ Per barrel
We should really try hard to find alternative sources of energy fast.
Because these people are exploiting the situation. They are not thinking of the effects on the poor.
Very soon world will shift to green energy then they will be face real music
A man says in anger" talaq talaq talaq " a woman compelled to undergo hallala to overcome the crisis. A man stocks a woman…the women is compelled to wear hijab….a man will get 4 biwi in this wolrd & 72 hurren after death…but what about females??why women got these in justices everywhere????why the culprit men are not punished???
Do Americans not realised they are already self-sufficient on Oil!!?
Its all a scam. The global economic system is designed to keep the poor in their place regardless of the growth/materialisation of our economies. Absolutely inefficient and illogical not to mention decadent when it comes to the distribution of resources accrued by destroying the planet 😂 humanity as it is really is not deserving of survival.
Saudi is just helping US and EU to go Green energy. 😂
Right Time to donate Millions and Millions of dollars received from CHINA through Pakistan Brokers for HIDING True Facts about INHUMAN BARBARIC SUPPRESSION of UYGHURS!😮😮😮
General market slowdown
Arabs sold their religion, dignity and the muslim ummah, for few trillion $.
Raising interest rates doesn't improve conditions for small businesses, it actually forces small businesses to cut cost because they cant afford short term business loans. However it allows large companies that can afford the loans to purchase small businesses. Why would the Turkish president kill his economy?
The day is coming soon that OPEC will not matter to anyone in the West. The US produces more oil, and gas than anyone on earth anyway.
SAUDI ARABIA does not have rationale. High time, they are off the world forum. Hope God will dry their wells fast.