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OPEC OPEC (Organization of the Petroleum Exporting Countries) is a group of 13 major oil-exporting nations, including Saudi Arabia, Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates, Venezuela and Indonesia. The mission of the organization is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry. OPEC works to ensure the stability of global oil prices and promote the development of economic and social projects in member countries. OPEC also works to reduce global dependence on oil and promote the use of alternative energy sources.
For several weeks, oil prices slumped in the $70s, giving energy investors little relief. More recently, WTI crude prices rallied above $80. Markets now speculate that strong oil demand will exceed supply. In addition, the OPEC+ pledged to continue limiting ...
Brent crude futures slid 3 cents to $85.21 a barrel, after settling down 0.6% on Friday, and U.S. WTI crude futures were at $80.71 a barrel, down 2 cents Oil prices dropped on Monday as concerns of higher-for-longer interest rates renewed and pushed the dollar, offsetting support for oil markets from geopolitical tensions and OPEC+
Brent crude futures added 53 cents, or 0.6%, to $85.53 a barrel, while U.S. WTI crude futures were at $82.05 a barrel, up 51 cents, or 0.6% Oil prices jumped on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, although global economic
The Joint Ministerial Monitoring Committee of OPEC+ (JMMC) is expected to reiterate confirm the decisions of the OPEC+ meeting from early June at its next meeting in early August, Commerzbank’s commodity strategist Carsten Fritsch notes.