An Upcoming Decision Could Make Gas Prices Go Much Higher
Today at 09:44:03 am »
Joseph Farago - Yesterday 1:27 PM
As if gas prices couldn’t get any more inflated, analysts believe that a new motion could continue their rapid increase. Organization of the Petroleum Exporting Countries, or OPEC, is a group of various countries invested in oil, which is planning to meet in Vienna, Austria, this Wednesday to discuss the new policy. An impending output cut could affect millions of oil barrels daily, accelerating the fuel price.
Dan Pickering, CIO of Pickering Energy Partners, stated that this meeting is highly unprecedented and the first in-person meeting for OPEC since 2020. All 13 countries coming together means a historic outcome could ensure, with many analysts believing that a significant cut will be introduced. Pickering believes that removing one million barrels is unlikely, and a more reasonable number of 500,000 is expected.
According to CNBC, this upcoming OPEC meeting is already influencing gas prices worldwide. The cost of oil went up Monday morning, rising by 4%. Brent crude, a combination of oil from the North Sea, hit an international high, with barrels escalating to $88.54 each.
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