Friday, January 27, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business

OPEC+ to meet amid economic downturn fears

AFPbyAFP
September 5, 2022, 7:00 pm
in Business, Power & Tech
Reading Time: 3 mins read
A A
Share on FacebookShare on TwitterShare on Email

VIENNA, Austria—Faced with recession fears, the OPEC+ countries are expected to agree a modest increase in oil production at a meeting on Monday, with some experts even forecasting a cut to support prices. 

The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) cartel, led by Saudi Arabia, and their 10 partners, led by Russia, are meeting to adjust their quotas for October.  Talks are due to start at 1100 GMT. 

Far from their highs near $140 a barrel, Brent North Sea crude and US WTI crude prices suffered their third consecutive monthly decline in August amid a gloomy global economic outlook. 

That’s enough to fuel speculation.

“It is not entirely clear whether OPEC+ will agree another 100,000 barrels per day increase,” as in September, Caroline Bain of Capital Economics wrote in a note. 

ADVERTISEMENT

“In light of the recent slide in oil prices… we wouldn’t rule out no change or even a cut.” 

Saudi Energy Minister Abdulaziz bin Salman last month appeared to open the door to the idea, which has since received the support of several member states and the cartel’s joint technical committee. 

He said “volatility and thin liquidity send erroneous signals to markets at times when clarity is most needed”.

OPEC+ is resisting Western calls to open its taps more widely to contain soaring prices.   

“The group clearly wants to keep prices high,” said Craig Erlam, an analyst at Oanda. 

“They may fear that Iranian crude could tip the balance in the market in favor of supply and therefore lower prices,” he added. 

Matthew Holland of Energy Aspects said a cut in production—which would be the first since the drastic cuts made to cope with moribund demand during the coronavirus pandemic—would come up at the next meeting in October. 

Everything will depend on the progress of Iranian nuclear negotiations aimed at reviving a landmark agreement between Tehran and world powers that gave Iran sanctions relief in exchange for curbs on its nuclear program.

Hopes for a deal, which would be accompanied by an easing of US sanctions notably on oil, have been revived recently. 

However Washington said Thursday Tehran’s latest response to a European Union draft was “unfortunately… not constructive.”

Amena Bakr, an analyst at Energy Intelligence, warned against over-interpreting the Saudi energy minister’s comments, saying only that “volatility is bad for the market.”

“It’s a message to all Western governments that have been intervening in the market and trying to manage the market” since the start of the war in Ukraine, she said. 

In the latest announcement, the seven most industrialized countries decided Friday to “urgently” cap the price of Russian oil, in order to limit Moscow’s earnings from the sale of hydrocarbons. 

But Russia has warned that it will no longer sell oil to countries that have adopted the unprecedented mechanism.

Tags: global economic outlookoil productionOPEC+Organization of the Petroleum Exporting Countries
ADVERTISEMENT
AFP

AFP

Related Posts

2022 trade deficit hit record $58.3b, imports surged 17%

byJulito G. Rada
January 26, 2023, 7:25 pm
0
8
2022 trade deficit hit record $58.3b, imports surged 17%

The country’s trade deficit widened to a record $58.32 billion in 2022 as imports surged amid high commodity prices, preliminary...

Read more

Monde Nissin acquiring 15% of Figaro Group

byJenniffer B. Austria
January 26, 2023, 7:20 pm
0
8
Monde Nissin books P2.9-b core net income

Monde Nissin Corp. said Thursday it is acquiring a 15-percent interest in restaurant chain operator Figaro Coffee Group Inc. for...

Read more

ADB lending $500m to help PH address impact of pandemic

byJulito G. Rada
January 26, 2023, 7:10 pm
0
8
ADB okays $175-m loan for three bridges

The Asian Development Bank said Thursday it approved a $500-million (about P27 billion) policy-based loan to help the Philippine government...

Read more

Electricity spot market in Mindanao starts operations

byAlena Mae S. Flores
January 26, 2023, 7:05 pm
0
8
Resumption of Malampaya gas operation leads to lower average price at electricity spot market

The Wholesale Electricity Spot Market in Mindanao started commercial operations on Thursday, according to the Department of Energy. It said...

Read more

German company expanding Batangas facility

byOthel V. Campos
January 26, 2023, 6:55 pm
0
8
German company expanding Batangas facility

ZAMA Precision Industry Manufacturing Philippines Inc., a unit of Germany’s ZAMA Group, is expanding its production capabilities in the Philippines...

Read more

Hot money posted $887m in net inflows last year

byJulito G. Rada
January 26, 2023, 6:50 pm
0
8
Remittances increased 5.3% to $25.929b in first 10 months

Foreign portfolio investments or hot money posted net inflows of $887 million in 2022, a reversal of the $574-million net...

Read more

Print Edition

View More

Recent Posts

  • Isabela celebrates 2023 Bambanti Festival 
  • Pag-IBIG finances over 18,000 socialized homes for low-wage earners in 2022
  • Philippines to appeal ICC resumption of drug war probe
  • Knicks hold off Celtics in overtime, Pistons top Nets
  • Israel strikes Gaza after militant rocket fire
  • James, Antetokounmpo will captain NBA All-Star teams
  • Sneakers for Makati : AB4.0
  • PH posts 7.6% growth in 2022

Advertisement

Latest News

James, Antetokounmpo will captain NBA All-Star teams

byAFP
January 27, 2023, 9:00 am
0
8
James, Antetokounmpo will captain NBA All-Star teams

Los Angeles Lakers superstar LeBron James and Milwaukee's Giannis Antetokounmpo will captain the NBA All-Star Game teams next month after...

Read more

Sneakers for Makati : AB4.0

byManila Standard
January 27, 2023, 2:10 am
0
288
Sneakers for Makati : AB4.0

Read more

PH posts 7.6% growth in 2022

byJulito G. Radaand4 others
January 27, 2023, 2:00 am
0
8
Imported onions in, but price still high

Strong consumer spending fueled expansion, fastest pace in 46 years Economic growth beat expectations last year, expanding to its fastest...

Read more

SWS: 34% of adult Pinoys say life improved last year

byManila Standard
January 27, 2023, 1:50 am
0
8
BBM, Sara to resume stumping together; Bicol groups back UniTeam

A recent Social Weather Stations (SWS) survey found that at least 34 percent of adult Filipinos believe that their quality...

Read more

President tells PCG to defend both coastlines, nationals

byVince Lopez
January 27, 2023, 1:40 am
0
8
Most APEC leaders condemn Russia’s invasion of Ukraine

President Ferdinand Marcos Jr. has reminded the Philippine Coast Guard (PCG) to always be ready and aware while guarding the...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App