US Edition
Oil under $65 a boon for consumers, but a burden on producers
- On Saturday, OPEC+ countries announced a large increase of 411,000 barrels per day in crude oil production for July.
- This production hike follows pressure from President Donald Trump and aims to punish OPEC members that missed quotas, though some reports vary on motivations.
- While lower oil prices under $65 improve consumers' disposable income and reduce transportation and manufacturing costs, they hurt oil-dependent economies like Iran, Venezuela, and Nigeria.
- Economist Pushpin Singh explained that lower crude oil prices boost consumers' available income, encouraging spending on non-essential goods and services, while Ole Hansen pointed out that producers with higher costs will need to reduce output under these price conditions.
- The production increase and price drop contribute to lower inflation and benefit oil-importing countries, while oil producers face reduced investment and market share shifts since 2022.
74 Articles
74 Articles
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ABC FOX Montana
Oil under $65 a boon for consumers, but a burden on producers
US President Donald Trump's tariffs, his call to "drill baby drill" and especially a decision by OPEC+ to hike crude output quotas have oil prices trading at lows not seen since the Covid pandemic.
Oil Under $65 A Boon For Consumers, But Burden On Producers - Latest Nigerian News and Entertainment
Latest Nigerian News and Entertainment - Latest Nigerian News and Entertainment US President Donald Trump’s tariffs, his call to drill baby drill and especially a decision by OPEC+ to hike crude output quotas have oil prices trading at lows not seen since the Covid pandemic. That is good news for consumers but not so much for producers, analysts say. A barrel of Brent North Sea crude, […] The post Oil Under $65 A Boon For Consumers, But Burden O…
With the trade war, Donald Trump's call to "drill all-va" and above all the increase in quotas of the Opep+ – the last announced on Saturday –, oil stagnates at a lower level since the pandemic. Positive for consumers, much less for producers. Brent's barrel now trades under the $65 mark, which is the ...
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