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Oil Prices Jump on Calls for More OPEC Production Cuts - Barron's

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Oil Prices Jump on Calls for More OPEC Production Cuts - Barron's

Oil Prices Jump on Calls for More OPEC Production Cuts

Dec 08, 2023, 5:56 am EST

Oil rose on Friday after Saudi Arabia and Russia, two of the world’s biggest producers, called for further reductions in output in the coming months.

Dec 08, 2023, 5:56 am EST

Oil rose on Friday after Saudi Arabia and Russia, two of the world’s biggest producers, called for further reductions in output in the coming months.

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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