{"id":1633459,"date":"2022-09-06T06:33:38","date_gmt":"2022-09-06T10:33:38","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1633459"},"modified":"2022-09-06T06:33:48","modified_gmt":"2022-09-06T10:33:48","slug":"opec-to-cut-oil-production-slightly","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opec-to-cut-oil-production-slightly\/","title":{"rendered":"OPEC+ to Cut Oil Production Slightly"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fopec-to-cut-oil-production-slightly%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1633459&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<div class=\"TopBanner-container\" data-top-banner-placeholder=\"true\"><\/div>\n<\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<div class=\"RenderKeyPoints-keyPoints\" id=\"RegularArticle-KeyPoints-4\" data-test=\"keyPoints-1\" data-analytics=\"RegularArticle-keyPoints-4-1\">\n<div class=\"RenderKeyPoints-wrapper\">\n<div class=\"RenderKeyPoints-list\">\n<div>\n<div class=\"group\">\n<ul>\n<li>OPEC and non-OPEC partners, an influential energy alliance known as OPEC+, decided to cut production targets by about 100,000 barrels per day from October.<\/li>\n<li>Energy analysts had broadly expected the group to stay the course with its production policy.<\/li>\n<li>It comes amid a bitter energy dispute between Russia and the West, with many in Europe deeply concerned about the prospect of recession and a winter gas shortage.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ArticleBody-articleBody\" id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\">\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107113755\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<div class=\"InlineImage-imageEmbedCaption\">The OPEC logo on a sign at the group&#8217;s headquarters in Vienna, Austria.<\/div>\n<div class=\"InlineImage-imageEmbedCredit\">Bloomberg | Bloomberg | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>A group of some of the world&#8217;s most powerful oil producers on Monday agreed on a small output cut from next month, surprising energy markets at a time of considerable turmoil.<\/p>\n<p>OPEC and non-OPEC partners, an influential energy alliance known as OPEC+, decided to cut production targets by about 100,000 barrels per day from October.<\/p>\n<p>Energy analysts had broadly expected the group to stay the course with its production policy.<\/p>\n<p>Last month, OPEC+ <a href=\"https:\/\/www.cnbc.com\/2022\/08\/03\/opec-set-to-approve-minuscule-oil-output-rise-in-rebuff-to-biden.html\">agreed<\/a> to raise oil output by just 100,000 barrels per day. The minuscule boost was widely interpreted as a rebuff to U.S. President <a href=\"https:\/\/www.cnbc.com\/joe-biden\/\">Joe Biden<\/a> after his visit to Saudi Arabia to ask the OPEC kingpin to pump more to cool prices and help the global economy.<\/p>\n<p>&#8220;The President has taken action \u2013 including historic release of oil from U.S. and global strategic reserves and working with allies on a price cap on Russian oil to ensure we maintain a global supply of oil, even as we punish Putin for his action,&#8221; said White House Press Secretary Karine Jean-Pierre.<\/p>\n<p>OPEC+ said in a statement that Monday&#8217;s decision to revert back to August levels of production was because the upward adjustment was &#8220;intended only for the month of September.&#8221;<\/p>\n<p>The next OPEC+ meeting is scheduled for Oct. 5.<\/p>\n<p>Oil prices traded sharply higher but were off the day&#8217;s highs on Monday afternoon. International benchmark <a href=\"https:\/\/www.cnbc.com\/quotes\/@LCO.1\">Brent<\/a> crude futures were up 2.5% at $95.54 a barrel at around 1 p.m. ET, while\u00a0<a href=\"https:\/\/www.cnbc.com\/quotes\/@CL.1\">U.S. West Texas Intermediate<\/a> futures were up 2.6% at $89.16 a barrel.<\/p>\n<p>Oil prices have fallen around 25% since early June after touching multiyear highs in March. The decline has been fueled by growing concerns that interest rate hikes and Covid-related restrictions in parts of China could slow global economic growth and curtail oil demand.<\/p>\n<p>Monday&#8217;s announcement from OPEC+ comes amid a <a href=\"https:\/\/www.cnbc.com\/2022\/09\/02\/winter-gas-russias-energy-influence-over-europe-is-nearly-over.html\">bitter and escalating energy dispute between Russia and the West<\/a>, with many in Europe deeply concerned about the prospect of recession and a winter gas shortage.<\/p>\n<p>Meanwhile, market participants are closely monitoring the prospect of a <a href=\"https:\/\/www.cnbc.com\/2022\/08\/31\/an-iran-nuclear-deal-revival-could-dramatically-alter-oil-prices.html\">supply boost from Iranian crude<\/a> if Tehran can secure a renewed version of the 2015 nuclear deal.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">G-7 backs price cap on Russian oil<\/h2>\n<div class=\"group\">\n<p>European gas prices <a href=\"https:\/\/www.theice.com\/products\/27996665\/Dutch-TTF-Gas-Futures\/data?marketId=5429405&amp;amp%3Bspan=2&amp;span=2\" target=\"_blank\" rel=\"noopener\">jumped more than 25%<\/a> on Monday after Russia&#8217;s state-owned energy giant Gazprom <a href=\"https:\/\/www.cnbc.com\/2022\/09\/02\/russias-gazprom-keeps-gas-pipeline-to-germany-switched-off.html\">announced<\/a> it would not reopen its main gas pipeline to Europe.<\/p>\n<p>Gazprom said the indefinite shutdown was due to an oil leak in a turbine. The Nord Stream 1 pipeline, which connects Russia to Germany via the Baltic Sec, had been scheduled to reopen on Saturday after three days of maintenance work.<\/p>\n<p>The Kremlin&#8217;s halt to European gas flows followed a joint statement from the Group of Seven economic powers backing a plan to implement a <a href=\"https:\/\/www.cnbc.com\/2022\/09\/02\/g-7-nations-back-plan-to-cap-russian-oil-prices.html\">price-capping mechanism on Russian oil exports<\/a>.<\/p>\n<\/div>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107113754\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<div class=\"InlineImage-imageEmbedCaption\">The OPEC+ announcement comes amid a bitter energy dispute between Russia and the West.<\/div>\n<div class=\"InlineImage-imageEmbedCredit\">Asaad Niazi | Afp | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>The G-7 initiative is designed to deplete Russian President Vladimir Putin&#8217;s ability to fund the war in Ukraine. Russia has said it will stop selling oil to countries that impose price caps on Russian energy exports.<\/p>\n<p>EU policymakers have accused the Kremlin of weaponizing energy supplies in a bid to sow uncertainty across the 27-nation bloc and boost energy prices amid the Kremlin&#8217;s onslaught against Ukraine.<\/p>\n<p>Moscow denies any blame over the Nord Stream 1 shutdown.<\/p>\n<\/div>\n<\/div>\n<div class=\"WatchLiveRightRail-inline WatchLiveRightRail-container\" id=\"RegularArticle-WatchLiveRightRail-7\" data-test=\"watchLiveRightRail-4\" data-analytics=\"RegularArticle-watchLiveRightRail-7-4\">\n<div class=\"WatchLiveRightRail-contents\"><a href=\"https:\/\/www.cnbc.com\/live-tv\/\" class=\"WatchLiveRightRail-wlButton\">WATCH LIVE<img decoding=\"async\" src=\"denied:data:image\/svg+xml;base64,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\" class=\"WatchLiveRightRail-logo\" alt=\"logo\" \/><\/a><a href=\"https:\/\/www.cnbc.com\/live-tv\/\" class=\"WatchLiveRightRail-wlButtonMobile\">WATCH IN THE APP<\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\"><\/div>\n<div class=\"PageBuilder-col-12 PageBuilder-col PageBuilder-article\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>OPEC and non-OPEC partners, an influential energy alliance known as OPEC+, decided to cut production targets by about 100,000 barrels<\/p>\n","protected":false},"author":1,"featured_media":1891808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1633459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1633459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1633459"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1633459\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1891808"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1633459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1633459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1633459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}