OPEC announces surprise oil production cuts in move that could push up gas prices. DUBAI, United Arab Emirates (AP) — Saudi Arabia and other major oil producers on Sunday announced surprise cuts The oil market is slightly different in that we have had OPEC and Russia working together to balance the market, supporting prices so to speak. This only works when the market is tight and you are 20 hours ago · OPEC is a name that has always commanded a mix of fear and respect among investors in the energy sector. Even many average Americans still vividly remember OPEC’s 1973 oil embargo — which led to lines at gas stations that reached around the block, and oil prices that soared nearly 500%. More than just a temporary inconvenience that drove up One World Government. OPEC Rejects US Dollar as Oil Currency! The West is Done! by Shawn Paul Melville 2022-03-17. It was just recently announced that Saudi Arabia is looking to replace the US dollar currency for oil sales and turn to the Chinese Yaun. With oil prices at an all-time high and relations with China at a downturn, this will place The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+ which pumps around 40% of the world's crude, agreed on a new oil output deal on Sunday. New York CNN —. OPEC and its allies’ surprise move to slash oil production will soon be felt at US gas pumps. The group known as OPEC+ announced Sunday it would cut oil production by more than Nov. 30, 2023. With oil markets sagging, the world’s major producers agreed on Thursday to cut oil production by almost 700,000 barrels a day, less than 1 percent of global supplies, in an October 5, 2022, 2:10 PM. A cartel of oil-producing countries led by Saudi Arabia agreed to steep cuts in oil production, defying a behind-the-scenes diplomatic push by the Biden administration to Gas analysts say the production cut could cause gas prices to spike as much as 30 cents per gallon, on average, this winter. As a result of OPEC's production cut, I estimate U.S. #gasprices will 4YPq55.

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