US oil prices have spiked 40% since Christmas Eve thanks to OPEC's aggressive production cuts
Crude's recovery from last year's bear market hit another milestone on Wednesday. Oil topped $60 a barrel for the first time since November 9.The dramatic rebound mostly reflects the effectiveness of the strategy implemented by Saudi Arabia-led OPEC. The oil cartel and its allies, including Russia, agreed last year to sharp production cuts in response to a supply glut formed in part by surging US output.
"Saudi Arabia is holding back flows," Smith said.OPEC and its allies announced on Monday they are canceling a planned meeting next month to discuss their production cuts. That decision was taken as a sign that the cuts will remain in effect for a longer period of time.One of America's biggest oil companies wants to be 'carbon neutral' -- eventuallyOPEC was burned last year when it ramped up production after the United States announced sanctions on Iran.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
A 40-Year-Old Mexican Immigrant Died In US Custody — The Fourth Death In Recent MonthsThe unidentified man died after being diagnosed with flu-like symptoms, liver failure, and renal failure
और पढो »
Indian court acquits 4 Hindu activists in train bombing that killed over 40 Pakistani nationalsA special court pronounced its verdict 12 years after the blast.
और पढो »
40 Before And After Product Photos That'll Inspire You To Spring CleanTime to put that extra hour of sunlight to use!
और पढो »
Newt Gingrich: C-SPAN’s 40-year mark on our Republic | OpinionWe all owe C-SPAN a big vote of gratitude for empowering citizenship in the television age.
और पढो »
40 dead after attacks on mosques in Christchurch, New Zealand'It is clear that this is one of New Zealand’s darkest days,' Jacinda Ardern added.
और पढो »
At least 40 dead in terrorist attacks on two New Zealand mosquesAuthorities are responding to a mass shooting at a mosque in the New Zealand city of Christchurch, according to a witness and local news reports.
और पढो »