{"id":1673733,"date":"2022-10-05T10:54:19","date_gmt":"2022-10-05T14:54:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1673733"},"modified":"2022-10-05T10:54:41","modified_gmt":"2022-10-05T14:54:41","slug":"oil-rises-as-opec-agrees-deep-cuts-to-production","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-rises-as-opec-agrees-deep-cuts-to-production\/","title":{"rendered":"Oil rises as OPEC+ agrees deep cuts to production"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/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%2Foil-rises-as-opec-agrees-deep-cuts-to-production%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=1673733&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--><p>By Bozorgmehr Sharafedin and Isabel Kua<\/p>\n<p>LONDON (Reuters) \u2013     Oil rose on Wednesday, building on gains in recent days as OPEC+ agreed its deepest cuts to production since the 2020 COVID pandemic, despite a tight market and opposition to cuts from the United States and others.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>Brent crude was up 28 cents, or 0.3%, at $92.08 a barrel at 1351 GMT, while U.S. West Texas Intermediate (WTI) crude rose 7 cents, or 0.1%, to $86.59 a barrel. Both contracts rose sharply in the last two days.<\/p>\n<p>The cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago on fears of a global economic recession, rising U.S. interest rates and a stronger dollar.    <\/p>\n<p>Oil had been rising this week in anticipation of the cuts, said Fiona Cincotta, senior financial markets analyst at City Index.     <\/p>\n<p>\u201cThe real impact of a large cut would be smaller, given that some of the members are failing to reach their output quotas,\u201d Cincotta added.<\/p>\n<p>In August, OPEC+ missed its production target by 3.58 million bpd as several countries were already pumping well below their existing quotas.<\/p>\n<p>\u201cWe believe new output targets will mostly be shouldered by core Middle East countries, led by Saudi Arabia, the UAE and Kuwait,\u201d said Rystad Energy\u2019s analyst Jorge Leon.<\/p>\n<p>The United States was pressing OPEC+ producers to avoid making deep cuts, a source familiar with the matter told Reuters, as President Joe Biden looks to prevent a rise in U.S. gasoline prices ahead of midterm congressional elections on Nov. 8.<\/p>\n<p>Biden has been grappling with gasoline prices all year and after a spike, they have eased, something his administration has touted as a major accomplishment.<\/p>\n<p>Wednesday\u2019s agreement by OPEC+ in Vienna would \u201csend a strong message that the group is determined to support the market,\u201d ANZ Research analysts said in a note, adding that it \u201cwould significantly tighten the market\u201d.   <\/p>\n<p>U.S. crude oil stocks fell by about 1.8 million barrels for the week ended Sept. 30, according to market sources citing American Petroleum Institute figures on Tuesday.<\/p>\n<p>A rise in the U.S. dollar has also put pressure on crude prices as it makes oil more expensive for buyers holding other currencies. <\/p>\n<p> (Reporting by Bozorgmehr Sharafedin in London, Sonali Paul in Melbourne and Isabel Kua in Singapore; editing by Simon Cameron-Moore and Elaine Hardcastle)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/oil-maintains-most-of\/attachment\/a-pump-is-seen-at-a-gas-station-in-manhattan-2\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI940K5-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI940K5-BASEIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/oil-maintains-most-of\/attachment\/file-photo-pump-jacks-operate-at-sunset-in-midland-4\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9400A-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9400A-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Bozorgmehr Sharafedin and Isabel Kua LONDON (Reuters) \u2013 Oil rose on Wednesday, building on gains in recent days as OPEC+ agreed its deepest cuts to production since the 2020<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1673733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1673733","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\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1673733"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1673733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1673733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1673733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1673733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}