One of the world’s most powerful groups of oil producers is the Organization of the Petroleum Exporting Countries, known as OPEC+. The organization has decided to impose drastic on oil production as a way to boost oil prices, despite pleas from the United States to pump more oil. On Wednesday, OPEC+ made the final decision to cut oil production by per day starting in November.
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The past two years have been crazy for many industries, including the oil market. was sliding into the negatives early on in the pandemic; however, the price has surpassed $100 per barrel recently. The global benchmark, Brent crude oil, was per barrel this past week. Since , there has been a significant increase in gas prices worldwide. Many reasons led to this increase, some weighing more than others.
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Qatar, a small, wealthy country in the Middle East, from the Organization of the Petroleum Exporting Countries (OPEC) on December 3rd. is the most powerful oil cartel in the world, holding a near monopoly over the oil industry that allows the group--which now consists of 14 countries, most notably of which are Saudi Arabia, the UAE, Iraq, and Iran—to exercise nearly complete control of oil prices and production. Russia also holds an alliance with OPEC, more specifically with Saudi Arabia, and shares an influence on the oil market.
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Shrinking supplies from Iran, along with strong global growth has led to a bullish sentiment in future oil prices. Crude oil has and speculators are purchasing bullish oil options as a result. A reason for the speculation revolves around OPEC members and their inability to make up for production shortfalls amid political turmoil.
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Both countries are members of OPEC, the Organization of the Petroleum Exporting Countries, and to keep oil prices at a stable point. Up to this time, however, continued to increase their own production of oil. This is because Nigeria was exempted from cutting their oil production in the OPEC agreement.
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Today, the Organization of the Petroleum Exporting Countries (OPEC) will be conducting a highly anticipated meeting regarding the future production of oil and its prices. The main issue the meeting will focus on is the amount of oil supplied by members of OPEC, with an emphasis on the leading oil producing countries in the group. Investors are anxiously awaiting the outcome of the OPEC decision to potentially cut oil production globally. Outcomes of the previous meeting conducted in Algiers seemed hopeful,