Saudi Arabia is struggling to boost oil prices, raising possibility of supply war with U.S.
Written by Black Hot Fire Network on December 1, 2023
OPEC is facing growing challenges in its efforts to boost oil prices amid record output outside the alliance, particularly in the U.S., raising questions about how long the alliance can maintain its deep production cuts. OPEC and its allies, OPEC+, failed to reach a unanimous agreement Thursday on cuts, even after delaying the meeting by five days in an effort to shore up unity within the alliance. Instead, seven members announced voluntary, unilateral cuts to the tune of 2.2 million barrels per day for the first quarter of 2024. The outcome is a "bittersweet victory" for OPEC . . .
