{"id":1674949,"date":"2022-10-05T20:50:25","date_gmt":"2022-10-06T00:50:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1674949"},"modified":"2022-10-05T20:51:15","modified_gmt":"2022-10-06T00:51:15","slug":"oil-prices-rise-after-opec-agrees-to-slash-crude-output","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-rise-after-opec-agrees-to-slash-crude-output\/","title":{"rendered":"Oil prices rise after OPEC+ agrees to slash crude output"},"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\">20<\/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-prices-rise-after-opec-agrees-to-slash-crude-output%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=1674949&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 Laila Kearney<\/p>\n<p>(Reuters) \u2013     Oil prices edged up in early Asian trade on Thursday after OPEC+ agreed to further tighten global crude supply with a deal to slash oil production by about 2 million barrel per day.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>The agreement between the Organization of Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, would squeeze supplies in an already tight market.<\/p>\n<p>Brent crude futures rose 46 cents, or 0.5%, to $93.83 per barrel by 0027 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 45, or 0.5%, cents at $88.21 per barrel.<\/p>\n<p>Saudi Arabia, the group\u2019s de facto leader, said the cuts \u2013 equal to about 2% of worldwide supply \u2013 were in response to rising interest rates in the West and a weakening global economy. <\/p>\n<p>The administration of U.S. President Joe Biden has criticised the deal as being \u201cshortsighted.\u201d <\/p>\n<p>The White House said it would consult with Congress on additional paths to reduce the cartel\u2019s control over energy prices in an apparent reference to legislation that could expose members of the group to antitrust lawsuits.<\/p>\n<p>Separately on Wednesday, Russian Deputy Prime Minister Alexander Novak said Russia may cut oil output in an attempt to offset the effects of price caps imposed by the West over Moscow\u2019s actions in Ukraine.<\/p>\n<p>A draw in U.S. oil stockpiles last week also supported prices. Crude inventories dropped by 1.4 million barrels in the week ended Sept. 30 to 429.2 million barrels, the Energy Information Administration said. [EIA\/S] <\/p>\n<p> (Reporting by Laila Kearney in New York; Editing by Shri Navaratnam)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/oil-prices-rise-after\/attachment\/crude-oil-terminal-in-zhoushan-2\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9500F-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9500F-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Laila Kearney (Reuters) \u2013 Oil prices edged up in early Asian trade on Thursday after OPEC+ agreed to further tighten global crude supply with a deal to slash oil<\/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-1674949","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\/1674949","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=1674949"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1674949\/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=1674949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1674949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1674949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}