Gas analysts say the production cut could cause gas prices to spike as much as 30 cents per gallon, on average, this winter. As a result of OPEC's production cut, I estimate U.S. #gasprices will Brent crude, the international benchmark, was hovering just below $95 per barrel on Friday morning, up about 6% since Monday. US oil and gas stocks have flourished as a result. The S&P 500 energy U.S. crude prices declined Wednesday after the Organization of Petroleum Exporting Countries delayed a pivotal meeting on production cuts that was scheduled for the weekend. The West Texas What are OPEC and OPEC+? How do they influence oil prices? | World Economic Forum OPEC's 13 member states hold over 80% of the world’s proven oil reserves. It aims to regulate oil prices by either reducing or increasing production. OPEC and its allies, which control more than 40% of global oil production, are hoping to preempt a drop in demand for their barrels from a sharp economic slowdown in China, the United States and November 24, 2021, 6:54 AM. Here is today’s Foreign Policy brief: The United States taps its oil reserves in a coordinated move with major oil consumers, Germany is set to announce a new The OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia is scheduled to meet online on Thursday to decide oil output levels for 2024 OPEC and its allies, a group known as OPEC+, have chosen to keep production steady as oil prices reached $130 Sunday, the first time since 2008. The Organization of the Petroleum Exporting The Organization of the Petroleum Exporting Countries – the cartel known as Opec + – announced on Wednesday that it would slash oil production by two million barrels per day, beginning in November. The supply reduction – the biggest since 2020 – from the alliance of 24 countries, led by Russia and Saudi Arabia, came as a shock to many 20 hours ago · OPEC is a name that has always commanded a mix of fear and respect among investors in the energy sector. Even many average Americans still vividly remember OPEC’s 1973 oil embargo — which led to lines at gas stations that reached around the block, and oil prices that soared nearly 500%. More than just a temporary inconvenience that drove up iOyIgD7.