OPEC announces cuts to oil production

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OPEC unexpectedly announced cuts to oil production. The move will likely increase the price of gas.

#opec #gasprices #news

"CBS Evening News with Norah O'Donnell" delivers the latest news and original reporting, and goes beyond the headlines with context and depth. Catch the "CBS Evening News" weeknights at 6:30 p.m. ET on the CBS Television Network and at 10 p.m. ET on the CBS News app.

  1. CBS Evening News
  2. OPEC
  3. oil production
  4. gasoline
  5. gas prices
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Low demand for oil requires cut of oil production to stabilize a fair price of oil.

ismaelibrahem
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Professor Norah,
Let me give this fact from American oil price per a gallon of gas at the pump. When world oil price per a barrel around $70, gas stations used to charge $2.00 a gallon at the pump. A few days ago world oil price per a barrel was close to $70. All gas stations where I live charge $3.69 a gallon of gas. That is, we pay $1.69 a gallon more than the standard price of $2. Our oil companies and gas stations not Opec+ are exploiting people to the rim. And if you check oil companies profits we see their numbers are increasing significantly. Biden and others always blame oil countries because they are too coward to blame American oil companies.

ismaelibrahem