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.
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00:00 It's Benzinga and here's what's on the block.
00:02 OPEC+ agreed to extend existing oil production cuts of more than 3 million barrels per day
00:07 through the end of 2025, as well as ongoing cuts of over 2 million barrels per day through
00:12 September 2024. The cuts could raise global oil prices by prolonging supply restrictions at a time
00:18 when demand concerns remain. Higher prices could negatively impact the US economy ahead of the
00:23 2024 elections. The Biden administration may be concerned about a potential spike in energy costs
00:29 impacting voters. It has taken some actions to increase fuel supply and tamp down prices.
00:33 For all things money, visit Benzinga.com
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