Lots of economic and political fallout going to come from this.
But it certainly appears that gas prices are going to go up for the next 9 to 12 months. Diesel prices will climb, which will increase shipping costs, food production costs, etc. Natural gas prices will likely climb, also increasing food production costs. Buckle up folks.
If only we could produce more oil without all the delays and over-regulations . . .
www.msn.com
CNN —
The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend a voluntary production cut of 2.2 million barrels of crude oil a day into 2025.
The cuts, first agreed in December, were due to expire at the end of this month. They came on top of previously agreed reductions of 3.66 million barrels per day announced in 2022 and 2023 as the group — led by Saudi Arabia and Russia — tried to counter slowing demand and rising output from the United States.
But it certainly appears that gas prices are going to go up for the next 9 to 12 months. Diesel prices will climb, which will increase shipping costs, food production costs, etc. Natural gas prices will likely climb, also increasing food production costs. Buckle up folks.
If only we could produce more oil without all the delays and over-regulations . . .
MSN
www.msn.com
OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices
Deal signals oil prices will remain elevated through the U.S. presidential election
CNN —
The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend a voluntary production cut of 2.2 million barrels of crude oil a day into 2025.
The cuts, first agreed in December, were due to expire at the end of this month. They came on top of previously agreed reductions of 3.66 million barrels per day announced in 2022 and 2023 as the group — led by Saudi Arabia and Russia — tried to counter slowing demand and rising output from the United States.
OPEC+ Extends Cuts But Lays Out Plan to Bring Barrels Back
- Voluntary cuts of 2 million b/d gradually phased out from Oct
- Separate tranche of group-wide curbs extended to end of 2025
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