United Refining Company CEO John Catsimatidis to ‘Varney & Co.’ There is a battle between reasonable oil prices and oil producing nations that are driving up fuel costs.
OPEC+ meets this week to decide on production.
The group of oil producers will reportedly consider cutting production by more than 1 million barrels a day, delegates told Bloomberg.
The meeting will take place in Vienna on Wednesday.
.A production cut would reflect concerns that the global economy is slowing rapidly amid rapidly tightening monetary policy.
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A 3D printed oil pump jack can be seen in front of the OPEC logo in this illustration image. (Portal/Dado Ruvic/File Photo / Portal Photos)
Oil prices were also impacted by the stronger dollar.
A final decision on the size of the cuts will only be made at a meeting of ministers, delegates said.
Brent crude surged above $125 a barrel following Russia’s invasion of Ukraine in February.
It has since fallen to $85, eating into gains made by Saudi Arabia, Russia, the United Arab Emirates and other members of the coalition.
Silhouette of working oil pumps against sunset (iStock / iStock)
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Oil prices fell in choppy trade on Friday but posted their first weekly gain in five on Friday.
Storage tanks are seen at Marathon Petroleum’s Los Angeles refinery. (Portal/Bing Guan / Portal Photos)
Brent crude oil futures traded at $87.96 a barrel.
US West Texas Intermediate (WTI) crude oil futures fell to $79.49.
Oil fell 25% in the quarter ended Friday.
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Banks, including JPMorgan Chase & Co., said OPEC+ may need to cut production by at least 500,000 barrels a day to stabilize prices.