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Crude oil climbs above $100 after OPEC warns of falling output

Topline

Global crude oil prices surged above $100 a barrel on Wednesday after Saudi Arabia warned producers may have to cut output in response to fears of a global recession The recent price drop.

Global crude oil prices topped $100 a barrel on Wednesday .

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Key Facts

Brent Crude Oil Futures Index, the Global Benchmark It rose to $101.20 a barrel in early trade Wednesday, up nearly 5 percent since Monday.

The U.S. West Texas Intermediate crude benchmark also rose 5.5% since Monday to $94.50 a barrel.

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman earlier this week The OPEC+ group of producers could be forced to cut output in response to “thin liquidity and extreme volatility” in the oil market, Bloomberg told Bloomberg at some point.

According to Reuters, production cuts may not happen immediately, but a nuclear deal with the West in Iran Occurs after the return to global oil markets following the agreement.

Surprising fact

According to Reuters OPEC+ oil production in July was already 2.9 million bpd below its target, the agency reported, citing unnamed sources. It is unclear whether this so-called deficit will affect the EU’s production cut plans.

Big Numbers

$3.883. That’s the current national average for a gallon of gasoline, down from a high of $5 a gallon in June, according to the AAA tracker. The sharp drop in prices is largely attributable to the slump in global crude oil prices.

Further reading

OPEC+ misses output target of 2.9 million barrels a day in July (Reuters)

Oil rises as Saudi Arabia hints at possible output cuts (CNBC)

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