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Why OPEC policy decisions will have a major impact on oil prices

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Despite the fall in oil prices, OPEC and its allies policy decisions can have a major impact on oil prices.

 
In May 2023, the total number of rigs drilling for oil and gas was already down by around 7% when compared with its peak in December 2022.

Slower drilling activity eventually translates into slower production growth, creating a delay of up to 6 months.

In the meantime, high levels of production are keeping inventories elevated, especially in the case of gas, which is keeping prices under pressure.

OPEC and its allies are weighing the possibility of further oil supply cuts, despite the fall in oil prices.

OPEC+ and its allies led by Russia, pumps around 40% of the world’s crude.

So, its policy decisions can have a major impact on oil prices.

Bloomberg’s Senior Oil and Gas Analyst Fernando Valle joins us to discuss.

#oil #gas #oilandgas #gasprices #FernandoValle #veronicadudo

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Trump & Harris conclude fierce debate, rumours of a second showdown emerge

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The debate was marked by heated exchanges and contrasting visions for America’s future, resonating deeply with undecided voters ahead of the upcoming election.

Harris made a point to get under Trump’s skin, leading the way to some curious comments from the Republican candidate.

Trump falsely claimed that immigrants in the country illegally were killing and eating people’s pets in the city of Springfield, Ohio.

After the showdown, questions were raised about the possibility of a second debate before the November election date. #featured #trending

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Trump vs. Harris: first and only debate commences in Philadelphia

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Republican Donald Trump and Vice President Kamala Harris are gearing up for their first and only debate of the 2024 presidential campaign.

Trump plans to accuse Harris of flip-flopping on policy positions, while Harris will call out Trump’s alleged history of dishonesty.

Polls show voters are still uncertain about Harris, making this a crucial opportunity for her to sway opinions.

Trump, meanwhile, will focus on inflation and immigration under Biden’s administration. The debate could shift dynamics in a tight race. #featured #trending

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Thousands of protesters clash with police at Melbourne defence expo

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Anti-war protesters and police clashed outside a defence exhibition in Melbourne on forcing police to close roads.

Hundreds of people were seen gathered outside the venue hosting the biennial Land Forces International Land Defence Exposition, with many chanting pro-Palestine slogans through a loud speaker, television footage showed. #featured #trending

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