- BusinessBusiness Insider•yesterday
Oil is going through the roof following a Reuters report citing sources that say OPEC has reached a deal to limit oil production, with the deal going into effect in November. Prices for Brent crude oil, the international benchmark, surged by as much 6.3%, to $49.44 per barrel, around 2:33 p.m. ET. "OPEC agreed on Wednesday to reduce its oil output to 32.5 million [barrels per day] from the current production levels of around 33.24 million bpd, two OPEC sources told Reuters.
"The big takeaway is how into a corner the Saudis have backed themselves. This whole plan has backfired on them. They're going to be bearing most of the cutback if they pull it off, and they've had to really kowtow to the Iranians in this whole thing," Kilduff told CNBC's "Power Lunch." In April, OPEC members and Russia met in Doha, Qatar, to hammer out a deal to freeze production at January levels. But Saudi Arabia scuttled that plan when its regional rival, Iran, refused to participate. Ahead of the meeting in Agiers, Saudi Arabia softened its stance, reportedly offering to cut its own production if Iran agreed to freeze its current output at roughly 3.6 million barrels a day. On Tuesday, the
- financeReuters•47 minutes ago
"There does not appear to be any urgency to raise rates when inflation is coming up low," Kashkari said at a town hall meeting in Rapid City, South Dakota. Waiting too long to raise rates, he said, is less risky than raising rates too soon, because the Fed has the tools to tamp down inflation