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OPEC+ said uncertainty surrounding the global economic outlook was a factor in its decision to cut daily production.

Oil prices rise after OPEC+ agrees to cut production by 2 million barrels a day, extending a winning streak to a 3rd session

The oil cartel's rationale for the production cut isn't as important as how oil consumers interpret the move.

OPEC+ Brinkmanship Could Backfire

Oil futures finished higher on Wednesday, with U.S. prices marking another settlement at their highest settlement since mid-September. Prices found support from a 2 million-barrel production cut by the Organization of the Petroleum Exporting Countries and their allies, as well as weekly declines in U.S. crude, gasoline and distillate supplies reported by the Energy Information Administration.

U.S. oil futures settle higher as OPEC+ agrees to a 2 million-barrel output cut

At today's much-awaited meeting, OPEC+ members agreed to cut oil production quotas by 2 million barrels per day (bpd), much to the irritation of the Biden administration.

Critchlow: “OPEC is playing with fire” following cut in production targets

The production cuts by OPEC+, a coalition of major producers including Russia, have missed production targets, making the headline number less impressive.

Why Oil Production Cuts Are Less Than Expected

Major oil producers meeting in Vienna Wednesday agreed to reduce their collective crude production levels by 2 million barrels a day starting next month, but that's not a guarantee that prices will continue to climb.

Why a large OPEC+ output cut doesn't guarantee higher oil prices

Silver made an attempt to settle below the $20.00 level as dollar rebounded from recent lows.

WTI Oil Rallies As OPEC+ Cuts Production By 2 Million Bpd

Oil prices have been on a wild ride lately, and given the sweeping economic effects of oil prices, investors have to wonder where it's all headed next. Here is what investors need to know about oil prices right now.

Ahead Of OPEC+ Meeting, What's Going On With Oil Prices In Fall 2022?

Cartel curbs production by 2m barrels a day despite strong US pressure, further squeezing supplies

Fears grow over oil price as Opec+ agrees to bigger than expected output cuts

Oil prices have fallen to roughly $80 a barrel from over $120 in early June amid growing fears about the prospect of a global economic recession.

OPEC+ to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure

The crude oil market has rallied a bit during the trading session on Wednesday to reach the 50-Day EMA area and the top of the channel that we have been in.

Crude Oil Price Forecast – Crude Oil Markets Threatening the Top of a Channel

Ministers from OPEC+ on Wednesday said they would cut oil production by 2 million barrels a day in a move expected to raise gas prices.

OPEC+ ministers agree to cut production by 2M barrels per day

The Organization of the Petroleum Exporting Countries and its Russian-led allies agreed Wednesday to cut crude production by 2 million barrels a day, news reports said. Speculation of a cut of up to 2 million barrels a day had built ahead of the meeting, helping to lift crude futures sharply on Monday and Tuesday.

OPEC+ agrees to cut oil production by 2 million barrels a day: report

The production cut move will likely push up already-high global energy prices and help oil-exporting Russia pay for its war in Ukraine.

OPEC+ Agrees to Biggest Oil Cut Since Start of Pandemic

A key panel on Wednesday recommended that the Organization of the Petroleum Exporting Countries and its allies cut oil production by 2 million barrels a day, according to news reports. The recommendation by the Joint Ministerial Monitoring Committee comes ahead of a meeting of OPEC+ delegates in Vienna that's slated to begin shortly.

Key panel recommends OPEC+ cut oil production by 2 million barrels a day: reports

OPEC+ key ministers, known as the joint ministerial monitoring committee, has agreed oil production cuts of 2 million barrels per day, three OPEC+ sources said.

OPEC+ JMMC agrees oil output cuts of 2 mln bpd - sources

OPEC and its allies are expected to debate the biggest reduction in output since early 2020.

Oil Prices Slip Ahead of Expected Production Cut

Oil futures flipped between gains and losses in choppy trade early Wednesday, as traders awaited a decision by the Organization of the Petroleum Exporting Countries and their allies that's expected to result in a significant cut in crude production.

Oil prices seesaw as traders await expected OPEC+ cut

Oil Prices Slip Even as OPEC+ Considers Big Production Cut

OPEC+ may cut production by 1 million - 2 million barrels per day.

WTI Oil Is Stuck Near $86 As Traders Wait For OPEC+ Decision

Oil prices inched up on Wednesday extending 3% gains in the previous session ahead of a meeting of OPEC+ producers to discuss a big output cut in what energy executives and analysts see as a tightly supplied market.

Oil climbs ahead of OPEC+ talks on supply cut

OPEC+ is considering oil cuts as big as 2 million barrels per day, an OPEC source told Reuters on Tuesday, a day ahead of a formal meeting of the oil-producing group.

OPEC+ mulls oil cuts as big as 2 mln bpd - source

Oil prices climbed as much as 4% Tuesday, topping $86 per barrel level. Meanwhile, the national average gas price is currently sitting at $3.80 per gallon, according to AAA.

Oil, gas prices elevated ahead of key OPEC+ meeting

Oil futures rose Tuesday, with U.S. prices marking their highest settlement since mid-September. Reports said the Organization of the Petroleum Exporting Countries and their allies will consider a production cut of 2 million barrels per day at their meeting Wednesday, higher than previous expectations for a 1 million-barrel reduction.

U.S. oil futures settle at a nearly 3-week high on bets for a significant OPEC+ output cut

The crude oil market has rallied during the trading session on Tuesday, as we are starting to hear rumors that OPEC may cut production.

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