OPEC extends its oil output cuts by one month until the end of December
Saudi Arabia and allied oil producing countries said on Sunday they would postpone a plan to gradually increase oil output until the end of the year, extending their output cuts by one month.
No reason was given for the move, which comes ahead of the U.S. presidential election on Tuesday.
In June, OPEC said 2.2 million barrels a day in voluntary cuts were extended until September but would then be gradually reduced month by month until they are eliminated by September 2025. OPEC later extended the cuts until November.
On Sunday, the group, which includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, extended the cuts again by one month until the end of December. The announcement was made on the website for the OPEC+ alliance.
Oil prices have been edging down as weak global demand overtakes the risk of a wider war in the Mideast.
Before you make your next trade, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now…
Click the link below and we’ll send you MarketBeat’s list of seven best retirement stocks and why they should be in your portfolio.
