OPEC+ plans to increase oil production to meet demand, stabilizing prices
The oil-producing cartel OPEC+ plans to continue increasing output levels to meet rising demand, with leaders set to meet Sunday to discuss August levels. Despite concerns about market share due to US shale production, OPEC+ has already agreed to increase production by 411,000 barrels per day for May, June, and July.
Some nations, like Saudi Arabia and Kazakhstan, have been exceeding production limits set by OPEC+. This surplus has helped stabilize oil prices, which closed at $69 per barrel on Wednesday. Positive demand indicators, such as China’s manufacturing growth, have slightly boosted prices, but they remain below $80 per barrel.
Industry experts warn that the current increase in oil supply may not keep prices low for long. Stan Majcher, a portfolio manager, believes that a natural decline in production rates will eventually offset the current output increase, leading to a rise in crude oil prices as global inventories tighten. 1. The stock market experienced a sharp decline today, with the S&P 500 dropping 3% and the Dow Jones Industrial Average falling over 600 points. Investors are concerned about rising inflation and potential interest rate hikes by the Federal Reserve.
2. A new study has found that screen time for children has increased significantly during the pandemic, with kids spending an average of 5 hours per day on electronic devices. This has raised concerns about the impact on mental health and social development.
3. The United Nations reported that global greenhouse gas emissions reached a record high in 2021, despite efforts to reduce carbon output. The findings underscore the urgent need for countries to take stronger action to address climate change and reduce emissions.
4. In tech news, Apple announced the release of its latest iPhone model, the iPhone 13. The new device features improved camera capabilities, a faster processor, and longer battery life. Pre-orders for the iPhone 13 have already surpassed expectations, signaling strong demand for the new product.
5. The World Health Organization declared that the COVID-19 pandemic is far from over, citing rising cases in many parts of the world and the emergence of new variants. The WHO urged countries to continue vaccination efforts and maintain public health measures to prevent further spread of the virus.
Read more at Yahoo Finance: OPEC+ Wants to Pump Its Way Back to the Top