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    69% of investors believe metaverse entertainment will change social lifestyles

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  • Home
  • News
    Bets increase on a soft landing in the U.S

    Bets increase on a soft landing in the U.S

    69% of investors believe metaverse entertainment will change social lifestyles

    69% of investors believe metaverse entertainment will change social lifestyles

    European oil companies want to follow in Chevron’s footsteps to operate in Venezuela

    European oil companies want to follow in Chevron’s footsteps to operate in Venezuela

    Amgen buys Horizon Therapeutics for US$ 25 billion

    Amgen buys Horizon Therapeutics for US$ 25 billion

    Europe prepares law to make airlines that pollute more pay higher costs

    Europe prepares law to make airlines that pollute more pay higher costs

    Why are Asian investors selling their tech stocks?

    Why are Asian investors selling their tech stocks?

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Are technology stocks coming to the end of their reign?

    Are technology stocks coming to the end of their reign?

    Amazon fined millions for manipulating algorithms in its favor

    Amazon fined millions for manipulating algorithms in its favor

  • Markets
    Bets increase on a soft landing in the U.S

    Bets increase on a soft landing in the U.S

    What are CFDs and what are their advantages?

    Getting started with CFD trading

    Goldman Sachs lands with more strength at Santander and BBVA

    Goldman Sachs lands with more strength at Santander and BBVA

    With inflation in recession, what stocks should you consider?

    With inflation in recession, what stocks should you consider?

    Should payment for order flow be maintained in the stock market?

    Should payment for order flow be maintained in the stock market?

    Why are Asian investors selling their tech stocks?

    Why are Asian investors selling their tech stocks?

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Are technology stocks coming to the end of their reign?

    Are technology stocks coming to the end of their reign?

    Inflation is starting to ease but not enough

    Inflation is starting to ease but not enough

  • Investing
    Two biotech stocks that could explode soon

    Two biotech stocks that could explode soon

    Ideas for investing in the electric vehicle industry

    Ideas for investing in the electric vehicle industry

    Mercado Libre could be one of the best investments for the long term

    Mercado Libre could be one of the best investments for the long term

    Three cheap tech stocks for 2023

    Three cheap tech stocks for 2023

    Where to invest in 2023? These are the most likely trends

    Where to invest in 2023? These are the most likely trends

    Will Ford shares be profitable in 2023?

    Will Ford shares be profitable in 2023?

    Some interesting options for investing in leisure and travel companies

    Some interesting options for investing in leisure and travel companies

    Plug Power’s commitment to green hydrogen

    Plug Power’s commitment to green hydrogen

    Investing in Auto Trader: vehicle sales at a turning point

    Investing in Auto Trader: vehicle sales at a turning point

  • Technology
    Banning TikTok in the U.S. could benefit Meta

    Banning TikTok in the U.S. could benefit Meta

    Microsoft leads the ranking of the best-managed companies in 2022

    Microsoft leads the ranking of the best-managed companies in 2022

    Apple: consequences of the Foxconn conflict will continue until 2023

    Apple: consequences of the Foxconn conflict will continue until 2023

    5 must-have skills to get a job in 2023

    5 must-have skills to get a job in 2023

    UK changes strategy on Internet content control

    UK changes strategy on Internet content control

    EU organized a party in the metaverse and nobody attended

    EU organized a party in the metaverse and nobody attended

    The metaverse companies with the highest revenues in 2022

    The metaverse companies with the highest revenues in 2022

    Electric vehicles: China aims to boost its dominance

    Electric vehicles: China aims to boost its dominance

    Nintendo sells 10 million Switch in 3 days and its shares rise

    Nintendo sells 10 million Switch in 3 days and its shares rise

  • CryptocurrenciesTRENDING
    69% of investors believe metaverse entertainment will change social lifestyles

    69% of investors believe metaverse entertainment will change social lifestyles

    Bitcoin falls after Fed decision to raise interest rates by 0.50%

    Bitcoin falls after Fed decision to raise interest rates by 0.50%

    The future of cryptocurrencies, according to Larry Fink

    The future of cryptocurrencies, according to Larry Fink

    How Much Bitcoin Should You Buy: 5 Factors to Consider in 2023

    How Much Bitcoin Should You Buy: 5 Factors to Consider in 2023

    Between two extremes: what will the price of Bitcoin be in 2023?

    Between two extremes: what will the price of Bitcoin be in 2023?

    FTX crash spreads and affects BlockFi

    FTX crash spreads and affects BlockFi

    EU organized a party in the metaverse and nobody attended

    EU organized a party in the metaverse and nobody attended

    Why does The WSJ continue to question Tether’s financial health?

    Why does The WSJ continue to question Tether’s financial health?

    Brazilian Congress approves bill to regulate cryptocurrencies

    Brazilian Congress approves bill to regulate cryptocurrencies

INVESTOR TIMES
Home Markets
ACTUALIZADO: November 23, 2022

OPEC+ raises oil production target by 100,000 barrels per day

The increase is moderate, however, it is a nod to the request for an increase from Western countries

Eric Nesich by Eric Nesich
8/3/2022 - 11:03
in Markets, News
Reading Time: 2 mins read
Share on FacebookShare on TwitterShare on LinkedIn
  • OPEC+ agreed to increase crude oil production by 100,000 bpd.
  • However, the increase is considered small.
  • Oil prices rise after this news.

OPEC+, which brings together the Organization of the Petroleum Exporting Countries and its allies, decided to raise its September production target by 100,000 barrels per day.

Oil prices show gains after the news is known. Brent is up 2% to 101.88 dollars. Meanwhile, WTI is up 1.62% to $96.

“The very limited availability of excess capacity requires that it be used with great caution in response to severe supply disruptions”, the agency said in a statement released after the monthly teleconference.

This OPEC meeting was the first after Joe Biden’s visit to Saudi Arabia. In this meeting, the first US president met with Mohamed Bin Salman (the country’s crown prince). Biden formally requested that Saudi Arabia be allowed to increase oil production. The reason why the US President is speculating on a drop in crude oil prices is also political: He wants oil to fall before the mid-term elections in his country.

The 100,000 bpd increase on the day of the date is equivalent to 0.1% of global crude oil consumption. It is very small, although it can be read as a minimal concession to Biden’s request (who is supported by the other G7 countries in his oil policy, which is being affected by the energy conflict with Russia)

The global economic slowdown is one of the main factors behind the lack of a greater possibility of an increase in production. A considerable increase would have lowered crude oil prices, a fact that OPEC+ does not support. The prices of Brent and WTI crude oil jumped upwards once this news was known.

The White House made a statement on the matter through Amos Hochstein, President Biden’s energy security envoy “It’s a step in the right direction,” he told CNN in an interview. “Our primary focus is not on the number of barrels but on lowering prices,” he said. “And there I think we’re in good shape, and we’re going to continue to work to bring it down further,” the U.S. official concluded.

Tags: Crude oilOPEC oilRussian oil and gas

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