The output cuts are being considered on the back of a slide in oil prices from multi-year highs reached in March and market volatility
The recent oil sell-off has left prices trading lower than before Russia’s invasion of Ukraine. A stronger dollar has also weighed on prices.What could an oil price slide mean for you?
A larger-than-expected reduction would reflect the scale of concern that the global economy is slowing fast in the face of rapidly tightening monetary policy. The move could boost oil prices at a time when the world is trying to bring energy costs down. If oil prices soar much higher, this could create strain on energy providers who are currently capped on how much they can charge customers.
The Energy Price Guarantee introduced by Liz Truss says the average unit price for dual fuel customers paying by direct debit will be limited to 34p per kWh for electricity and 10.3p per kWh for gas, inclusive of VAT, from 1 October.However, lower oil prices are a good thing for motorists as it means they will pay less at the pumps.
If oil prices are boosted again, as supply is cut, the cost of fuel could increase leaving drivers paying more per litre.
Danmark Seneste Nyt, Danmark Overskrifter
Similar News:Du kan også læse nyheder, der ligner denne, som vi har indsamlet fra andre nyhedskilder.
Thousands join march calling for Welsh independenceThousands of people have joined a march in favour of Welsh independence.
Læs mere »
Thousands March in Paris to Support Protesters in IranThousands of people marched in Paris on Sunday to show their support for Iranian protesters standing up to their leadership over the death of Mahsa Amini
Læs mere »
Cost of living and eco protesters bring London to a halt as they block bridges while thousands march across UKProtesters have blocked Westminster and Lambeth Bridge in central London as they call for for action on the cost of living crisis and the environment.
Læs mere »
Opec+ plans substantial oil production cut to prop up prices\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Læs mere »