_opec-extends-oil-production-cuts-raising-concerns-of-higher-global-prices-here39s-why-that-could-spell-bad-news-for-the.jpg "OPEC+ Extends Oil Production Cuts, Raising Concerns of Higher Global Prices. Here's Why That Could Spell Bad News for the Biden’s Re-election Chances from 2matrplankton inflation Video Screenshot Preview")
GalleryPlay Video:
(Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
⏲ Duration: 0:38
👁 View: 14.3M times
✓ Published: 05-Jun-2024
👁 View: 14.3M times
✓ Published: 05-Jun-2024
Description:
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.
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.
Share with your friends:
Whatsapp | Viber | Telegram | Line | SMS
Email | Twitter | Reddit | Tumblr | Pinterest
Related Videos
_hikaru-streaks-27-27-for-kramnik39s-procedure.webp "GMHikaru")
_nvidia-hits-a-363-trillion-market-capitalization-for-the-first-time-as-shares-pop.webp "CNBC Television")
⏲ 3 minutes 1 second 👁 19.4K
_what-are-high-yield-savings-accounts.webp "A high-yield savings account is essentially the same as a traditional savings account with one key difference — high-yield savings accounts pay a higher than average APY on deposits. An APY, or annual percentage yield, is the amount of interest earned on an account in one year. The APY for high-yield savings accounts can be anywhere from 3% to over 5% — much higher than that of a traditional account. <br/><br/>Savings rates have been on the rise following a series of interest rate hikes by the Federal Reserve, as the central bank has sought to reduce inflation. The Fed opted to raise rates at the last meeting, raising the federal funds rate, a key bank lending rate, to a target range of 5.25%-5.50%. Experts believe that the Fed may raise rates again at the next meeting. Higher interest rates could potentially increase savings rates further, so many recommend locking in rates now while they're on the rise. Over time, rates will decrease as inflation cools.<br/><br/>Since the rate of return on high yield savings accounts is better than that of traditional savings accounts, you'll be able to accrue more cash over time. You can use our tool, in partnership with Bankrate, to compare savings rates today.")
_rip-avocado.webp "The Land Of Boggs")
_phl-statistics-authority-inflation-o-antas-ng-pagtaas-ng-presyo-noong-may-2024-bumilis-sa-3-9-124-gma-integrated-news.webp "#GMAIntegratedNews #KapusoStream<br/><br/><br/>Breaking news and stories from the Philippines and abroad:<br/>GMA Integrated News Portal: http://www.gmanews.tv<br/>Facebook: http://www.facebook.com/gmanews<br/>TikTok: https://www.tiktok.com/@gmanews<br/>Twitter: http://www.twitter.com/gmanews<br/>Instagram: http://www.instagram.com/gmanews<br/><br/><br/>GMA Network Kapuso programs on GMA Pinoy TV: https://gmapinoytv.com/subscribe")
_driver-catnap-poppy-playtime-chapter-3-124-gh39s-animation.webp "GH'S")
_marriott-ceo-on-inflation.webp "CNBC Television")
_snp-leader-john-swinney-in-barrowfield-glasgow.webp "Scotland's first minister John Swinney has called on Sir Keir Starmer to commit to an emergency budget if Labour win the general election.<br/><br/>During a speech in Glasgow, the SNP leader said there was a broad consensus to \")
_hikaru-streaks-27-27-for-kramnik39s-procedure.jpg)
_nvidia-hits-a-363-trillion-market-capitalization-for-the-first-time-as-shares-pop.jpg)
_what-are-high-yield-savings-accounts.jpg)
_rip-avocado.jpg)
_phl-statistics-authority-inflation-o-antas-ng-pagtaas-ng-presyo-noong-may-2024-bumilis-sa-3-9-124-gma-integrated-news.jpg)
_driver-catnap-poppy-playtime-chapter-3-124-gh39s-animation.jpg)
_marriott-ceo-on-inflation.jpg)
_snp-leader-john-swinney-in-barrowfield-glasgow.jpg)
![[+]](/images/menu.gif){kind=small}