OPEC
Saudi Arabia is reportedly leaning toward extending its one million barrel per day oil production cut into the next year in response to declining oil prices
The International Energy Agency’s report contrasts with OPEC’s view, marking the first time peaks in oil, natural gas, and coal demand are visible this decade
Experts have warned that OPEC+ holding oil production at nine million barrels a day, coupled with Saudi Arabia’s one million barrel cut could fuel global inflation
The IEA has predicted a significant slowdown in global oil demand growth in the coming years, driven by rising concerns over high prices and energy security
Oil prices have experienced a notable increase following Saudi Arabia’s announcement of cutting one million barrels per day in July
The announcement of the production cut of one million barrels per day caused the oil price to surge and shares of energy giants to rise by 4%
Several major oil-exporting nations, including Saudi Arabia and Iraq, have announced surprise production cuts as the world continues to grapple with an ongoing energy crisis
Experts say the wholesale price for diesel has skyrocketed after OPEC’s decision to cut oil production
The organisation has announced it will cut oil output by two million barrels a day
This is to combat inflation and stabilise the price of oil