_opec-extends-oil-production-cuts-raising-concerns-of-higher-global-prices-here39s-why-that-could-spell-bad-news-for-the.jpg "OPEC+ Extends Oil Production Cuts, Raising Concerns of Higher Global Prices. Here's Why That Could Spell Bad News for the Biden’s Re-election Chances from may photos Video Screenshot Preview")
GalleryPlay Video:
(Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
⏲ Duration: 0:38
👁 View: 14.1M times
✓ Published: 05-Jun-2024
👁 View: 14.1M times
✓ Published: 05-Jun-2024
Description:
OPEC+ agreed to extend existing oil production cuts of more than 3 million barrels per day through the end of 2025, as well as ongoing cuts of over 2 million barrels per day through September 2024. The cuts could raise global oil prices by prolonging supply restrictions at a time when demand concerns remain. Higher prices could negatively impact the US economy ahead of the 2024 elections. The Biden administration may be concerned about a potential spike in energy costs impacting voters. It has taken some actions to increase fuel supply and tamp down prices.
OPEC+ agreed to extend existing oil production cuts of more than 3 million barrels per day through the end of 2025, as well as ongoing cuts of over 2 million barrels per day through September 2024. The cuts could raise global oil prices by prolonging supply restrictions at a time when demand concerns remain. Higher prices could negatively impact the US economy ahead of the 2024 elections. The Biden administration may be concerned about a potential spike in energy costs impacting voters. It has taken some actions to increase fuel supply and tamp down prices.
Share with your friends:
Whatsapp | Viber | Telegram | Line | SMS
Email | Twitter | Reddit | Tumblr | Pinterest
Related Videos
_thr-charts-39the-garfield-movie39-claws-up-to-first-while-39furiosa39-falls-flat-124-thr-video.webp "'Furiosa' may have taken the top spot over Memorial Day weekend – but everyone's favorite cat clawed his way up to first! We're breaking down this weekend's box office numbers on today's THR Charts: The Breakdown for Monday, June 3rd.")
⏲ 0:47 👁 19.2M
_may-2023-photos.webp "Dauigi")
_clarkson-and-may-find-old-photos-of-hammond-top-gear-series-6-episode-4-2005.webp "TG Clips in HD")
_food-imposters-the-lies-we-eat.webp "Hey there, foodies! You won't believe how many foods we eat are total imposters. Take crab sticks, for example – they’re actually made from white fish and flavoring, not crab. And that \")
_heavy-rainfall-expected-for-parts-of-the-east.webp "Some areas around the South Australian, NSW, and Victoria border may be in for some localised flooding.")
_with-a-top-two-finish-up-for-grabs-the-brumbies-head-to-perth-for-week-two-of-the-super-rugby-finals.webp "Looking at Super Rugby and the Brumbies are on their way to Perth for their final game of the regular season against the Western Force. A top two finish may be up for grabs, so this match could have major implications come week two of the finals.")
⏲ 1:26 👁 45.6M
_opec-extends-oil-production-cuts-raising-concerns-of-higher-global-prices-here39s-why-that-could-spell-bad-news-for-the.webp "OPEC+ agreed to extend existing oil production cuts of more than 3 million barrels per day through the end of 2025, as well as ongoing cuts of over 2 million barrels per day through September 2024. The cuts could raise global oil prices by prolonging supply restrictions at a time when demand concerns remain. Higher prices could negatively impact the US economy ahead of the 2024 elections. The Biden administration may be concerned about a potential spike in energy costs impacting voters. It has taken some actions to increase fuel supply and tamp down prices.")
_european-central-bank-expected-to-cut-interest-rates-weakening-currency-and-diverging-from-the-federal-reserve.webp "The European Central Bank is expected to cut its interest rates on Thursday, which could lead to a weaker euro as the region's monetary policy diverges from that of the United States. The ECB is comfortable with this divergence, even if it means a weaker currency that could potentially stoke inflation. Recent data shows that underlying inflation in the euro area unexpectedly rose in May for the first time in a year, adding to the concerns about lingering consumer-price pressures. The ECB's decision will be accompanied by quarterly forecasts and a press conference, which will be scrutinized for hints of future policy intentions. Money markets are currently betting on two rate reductions this year, with a small chance of a third.")
⏲ 0:45 👁 13.1M
_thr-charts-39the-garfield-movie39-claws-up-to-first-while-39furiosa39-falls-flat-124-thr-video.jpg)
_may-2023-photos.jpg)
_clarkson-and-may-find-old-photos-of-hammond-top-gear-series-6-episode-4-2005.jpg)
_food-imposters-the-lies-we-eat.jpg)
_heavy-rainfall-expected-for-parts-of-the-east.jpg)
_with-a-top-two-finish-up-for-grabs-the-brumbies-head-to-perth-for-week-two-of-the-super-rugby-finals.jpg)
_european-central-bank-expected-to-cut-interest-rates-weakening-currency-and-diverging-from-the-federal-reserve.jpg)
![[+]](/images/menu.gif){kind=small}