empty
 
 
06.12.2022 12:39 PM
OPEC leaves production quotas unchanged

This image is no longer relevant

OPEC decided not to change production quotas for its members.

Earlier, the group agreed to cut the amount by 2 million barrels per day, which drew the ire of the Biden administration, who repeatedly asked to increase output as the US is struggling to reduce retail fuel prices.

But now, the decision was to maintain the production amount, which comes at the same time as the start date of the EU embargo and price cap on oil.

This image is no longer relevant

Although OPEC representatives said the price cap was not discussed at the meeting, analysts said the group has every reason to be concerned about the issue as it could be a weapon that may be used against them one day. It reflects the unpredictability of supply and demand in the coming months.

If the meetings are less frequent from now on, it means that the current policy will remain unchanged.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback