Steve Posted July 9, 2021 Report Share Posted July 9, 2021 Hey Coss, Can the President of the US arbitrarily control global oil prices? Even if he allows high production in America? Just asking for a friend. https://www.cnbc.com/2021/07/05/oil-explainer-energy-prices-rise-after-opec-fails-to-reach-deal.html Energy prices are hovering above the $75 level after OPEC and its allies could not reach a key deal on their oil output policy last week, amid rising tensions between Saudi Arabia and the UAE. Without a deal, oil prices could surge and threaten to derail a frail economic recover https://indianexpress.com/article/explained/explained-why-oil-prices-are-rising-and-how-it-will-impact-india-7341460/ Why are crude oil prices rising? Crude oil prices have been rising steadily since the beginning of 2021 when Brent Crude was trading at about $52 per barrel buoyed both by hopes of improving demand due to economic recoveries across geographies as well as supply cuts by key oil-producing countries. The Organisation of Petroleum Exporting Countries extended supply cuts made in 2020 when crude oil prices had reached a low of under $19 per barrel through the first five months of 2021. Saudi Arabia notably made an additional voluntary production cut of 1 million barrels per day between February and April of which only 250,000 barrels of production has been restored in May and 750,000 barrels of production is set to be restored over June and July. Link to comment Share on other sites More sharing options...
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