The world may be heading for an even greater oversupply of oil, and that possibility \u2014 which could drive down fuel and energy prices \u2014 is hanging over members of the OPEC cartel as they head into negotiations Thursday. The oil-producing nations will decide whether to stick with production cuts they\u2019ve endured for the past three years, relax them or deepen them in the hopes of propping up prices. They\u2019re negotiating through a tangle of tensions driving members in competing directions.<\/p>\n
Saudi Aramco\u2019s stock market debut, which is expected Friday, has put Saudi Arabia in a precarious position as it bets on what volume of oil production will hit a sweet spot for prices, with the added pressure of considering the interests of the state-run oil giant\u2019s shareholders. The nation is already bearing the burden of the largest share of OPEC\u2019s production cuts. But some nations such as Iraq have been ignoring the agreement and producing more than their allotted amount. \u201cIf people are already not complying to the current agreement, what\u2019s the point to those that are complying cutting more? So the others can go on cheating?\u201d said Bhushan Bahree, executive director of global oil at research group IHS Markit.<\/p>\n","protected":false},"excerpt":{"rendered":"
The world may be heading for an even greater oversupply of oil, and that possibility \u2014 which could drive down fuel and energy prices \u2014 is hanging over members of the OPEC cartel as they head into negotiations Thursday. The oil-producing nations will decide whether to stick with production cuts they\u2019ve endured for the past three years, relax them or deepen them in the hopes of propping up prices. They\u2019re negotiating through a tangle of tensions driving members in competing directions. Saudi Aramco\u2019s stock market debut, which is expected Friday, has put Saudi Arabia in a precarious position as it […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,195,138],"tags":[],"class_list":["post-304290","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/304290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=304290"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/304290\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=304290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=304290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=304290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}