{"id":10469,"date":"2023-04-18T12:56:34","date_gmt":"2023-04-18T12:56:34","guid":{"rendered":"http:\/\/lonecandle.com\/?p=10469"},"modified":"2023-04-18T12:56:34","modified_gmt":"2023-04-18T12:56:34","slug":"why-oil-prices-are-up-and-what-it-means-for-you","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=10469","title":{"rendered":"Why oil prices are up and what it ~ means ~ for you"},"content":{"rendered":"\n<p>\n\n&#8220;OPEC+, meaning the Organization of Petroleum Exporting Countries (OPEC), and its allies, the plus sign,&nbsp;<a href=\"https:\/\/www.opec.org\/opec_web\/en\/press_room\/7120.htm\" target=\"_blank\" rel=\"noreferrer noopener\">announced<\/a>&nbsp;it would cut production by over 1 million barrels of crude oil a day. For some context, there are about 100 million barrels of oil produced worldwide each day, so this is about 1 percent of the global supply.<br>The unexpected move, spearheaded by Saudi Arabia and Russia, sent oil prices higher, the intended outcome. The per-barrel price of Brent crude oil, an international benchmark, and West Texas Intermediate (WTI), a United States benchmark, subsequently rose above $80. Prior to this, oil prices were in the $60 and $70 range. OPEC+&nbsp;<a href=\"https:\/\/www.bbc.com\/news\/business-61188579\" target=\"_blank\" rel=\"noreferrer noopener\">had already cut production<\/a>&nbsp;by 2 million barrels a day in October 2022.&#8221;&nbsp;&nbsp;<\/p>\n\n\n\n<p>&#8230;<br>&#8220;this is a preemptive move from OPEC+ ahead of an economic slowdown and potential recession. It\u2019s also an attempt by the cartel to sort of put a floor on oil prices, and a signal it likes that $80 number.&#8221;<br><a href=\"https:\/\/www.vox.com\/money\/2023\/4\/3\/23668583\/opec-oil-prices-increase-gas-saudi-arabia-news-inflation\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.vox.com\/money\/2023\/4\/3\/23668583\/opec-oil-prices-increase-gas-saudi-arabia-news-inflation<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;OPEC+, meaning the Organization of Petroleum Exporting Countries (OPEC), and its allies, the plus sign,&nbsp;announced&nbsp;it would cut production by over 1 million barrels of crude oil a day. For some context, there are about 100 million barrels of oil produced worldwide each<\/p>\n<p class=\"link-more\"><a class=\"read-more\" href=\"https:\/\/lonecandle.com\/?p=10469\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[1316,391,576,1265,578,577,1407,315,575,226],"class_list":["post-10469","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-inflation","tag-middle-east","tag-oil","tag-oil-and-gas","tag-oil-price","tag-opec","tag-prices","tag-russia","tag-saudi-arabia","tag-trade"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/10469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10469"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/10469\/revisions"}],"predecessor-version":[{"id":10470,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/10469\/revisions\/10470"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}