Day 84⚡️ OPEC+ To Cut Oil Production by 2 Million Barrels/Day to Shore Up Prices

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OPEC and non-OPEC partners on Wednesday agreed to impose deep output cuts, seeking to spur a recovery in crude prices despite U.S. pressure to pump more. 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+ agreed to cut its collective output limit by 2 million barrels a day, stoking tensions with the US as the cartel seeks to halt a slide in oil prices caused by the weakening global economy.

In a statement, the group said the decision to cut production was made “in light of the uncertainty that surrounds the global economy and oil market outlooks.” Global oil prices, which soared in the first half of the year, have since dropped sharply on fears that a global recession will depress demand.
0:00 Intro
4:43 Singapore Covid-19 news
8:05 F1 Singapore Grand Prix Records
12:27 Thanking note
17:07 Natural Gas prices
26:42 Reevaluate Saudi Relationship with the US
31:17 OPEC+
37:32 Crude oil stock chart
48:24 North Korea
53:14 Market cap
55:20 Spiking Alpha conference
59:00 Outro


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Day 84⚡️ OPEC+ to cut oil production by 2 million barrels/day to shore up prices

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