Exploring the Current State of the Oil Industry
- Shams ul Zoha
- December 22, 2022
- 9:22 pm
WHAT YOU SHOULD KNOW
- The price of oil has been highly unpredictable due to a potential decrease in demand due to a potential economic slowdown combined with supply shortages caused by the Russia-Ukraine conflict.
- On Friday, oil companies saw a surge in their stock prices as crude futures rose in response to reports that Russia could reduce its oil output by between 500,000 and 700,000 barrels a day.
On Friday, stocks for oil companies saw a surge in their stock prices as crude futures rose in response to reports that Russia could reduce its oil output.
Alexander Novak, Russia’s Deputy Prime Minister, has suggested that the country may reduce its oil production by between 500,000 and 700,000 barrels a day in response to the price caps imposed on its exports. This action was taken as a result of Russia’s invasion of Ukraine.
The estimated decrease in production would be between 5 and 7 percent.
On Friday, crude futures rose nearly 3% due to a potential reduction in supply that outweighed demand worries.
The price of oil has been highly unpredictable as the market attempts to balance the potential decrease in demand due to a potential economic slowdown with the supply shortages caused by the Russia-Ukraine conflict.
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