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Oil price falls 3% on uncertainty over future OPEC+ output, recession fears

The Star Business LogoThe Star Business1 mo ago

Oil price falls 3% on uncertainty over future OPEC+ output, recession fears

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NEW YORK: Oil prices sank around 3% on Thursday as OPEC+ confirmed it would only increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output.

OL Gudrun, Oseberg South and Oseberg East platforms will go on strike from July 5, the Lederne trade union said on Thursday, likely shutting about 4% of Norway's oil production.

The OPEC+ group of producers, including Russia, on Thursday agreed to stick to its output strategy after two days of meetings.


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Article Details

Author / Journalist: The Star Online

Category: Economy

Topics: Oil Energy West Texas Intermediate Opec+ Brent /Business/Business News Oil price Russia Production WTI

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-07-01, 05:36:00

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Reading Time: 3 minutes read

Article Length: 413 words

Coverage Area: Malaysia

Availability: Desktop Web, Mobile Web

News ID: 23755

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About The Star Business

The Star Business Logo

Main Topics: Economy

Official Website: thestar.com.my

Update Frequency: 34 posts per day

Year Established: 1971

Headquarters: Malaysia

News Last Updated: 13h ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #22

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