Mexican Media Brands
OPEC May Extend Production Cuts
The Organization of the Petroleum Exporting Countries says it may decide to continue production cuts it says have helped prop up oil prices.
#economics
Share
The Organization of the Petroleum Exporting Countries says it may decide to continue production cuts it says have helped prop up oil prices.
Led by Saudi Arabia, OPEC has targeted a rollback of 1.2 million barrels of crude per day, or about 4% of its normal output. The cartel also coaxed several other oil producers, including Russia, to pledge a combined reduction of 558,000 bpd.
Reports indicate the cutbacks, which took effect on Jan. 1, have haven’t achieved their targets. OPEC insists to The Wall Street Journal that the group has shown “impressive performance.” Analysts note that huge oil inventories continue to hold oil prices below $50 per barrel, close to their pre-reduction range.
OPEC tells the Journal its members have a “strong willingness” to extend the quotas. The group’s next scheduled meeting to discuss production will be in Vienna on May 25.
RELATED CONTENT
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
on the Genesis GV60 interior, EV sales in H1, Bentley Bentayga's wood work, Faurecia's advanced manufacturing & more
The strange glowing orb in the Genesis GV60. . .global EV sales in the first half. . .creating wood for the Bentayga interior. . .the importance of material handling at Faurecia. . .lux ATPs. . .fast Porsche. . .fast Lambo. . .the Avalon Hybrid. . .Silverado steel. . .
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.