Rumors Of The Demise Of OPEC’s Production Cuts Greatly Exaggerated

Rumors Of The Demise Of OPEC’s Production Cuts Greatly Exaggerated

Share to Linkedin From left to right; UAE Energy Minister Suhail al-Mazrouei, India's Minister of Petroleum and ... [+] Natural Gas & Housing Shri Hardeep Puri, Minister of Petroleum and Mineral Resources Tarek EI Molla and the U. S. Envoy for Energy Affairs Amos Hochstein leave the podium after the opening ceremony of the Abu Dhabi International Petroleum Exhibition & Conference in Abu Dhabi, United Arab Emirates, Monday, Oct. 31, 2022. Saudi Arabia and the United Arab Emirates defended on Monday a decision by OPEC and its allies to cut oil production, even as an American envoy warned of "economic uncertainty" ahead for the world. (AP Photo/Kamran Jebreili) Oil prices bounced back Tuesday as members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies disputed media reports that they are considering reversing their October decision to cut output. International benchmark Brent was under $90 a barrel on lingering concerns about the poor state of the global economy and weak demand for petroleum heading into 2023. Saudi Arabia, the United Arab Emirates, and Iraq all denied report in the Wall Street Journal that the oil cartel was considering increasing output by 500, 000 barrels a day at its