{"id":28674,"date":"2018-10-24T14:18:02","date_gmt":"2018-10-24T08:48:02","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=28674"},"modified":"2018-10-24T14:18:02","modified_gmt":"2018-10-24T08:48:02","slug":"sketchy-deal","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/sketchy-deal\/","title":{"rendered":"Sketchy deal"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/opinion\/editorial\/sketchy-deal\/article24247789.ece\"><span style=\"font-weight: 400;\">Sketchy deal<\/span><\/a><\/p>\n<p><b>News:<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> The Organisation of the Petroleum Exporting Countries (OPEC) recently agreed to increase its daily output to address the problem of rising crude oil prices.<\/span><\/li>\n<\/ol>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">OPEC:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">OPEC is an intergovernmental organization of 15 nations as of June 2018, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Headquarter since 1965 in Vienna, Austria.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As of 2018, the 15 countries accounted for an estimated 44% of global oil production and 81.5 percent of the world\u2019s oil reserves.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><b>Important facts:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">2. Saudi Arabia\u2019s Energy Minister announced that the cartel\u2019s output would be increased by about a million barrels a day beginning this July.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">3. However, there is no official numbers regarding the planned increase in production.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">4. In the absence of any clear intent on the part of OPEC to guide prices lower, the price of the benchmark WTI crude increased by 5% after announcement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">5. OPEC members had in late 2016, agreed to a historic deal to cut output by 1.2 million barrels a day in order to end a supply glut and raise the price of oil.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">6. Since then, the cartel has managed to overshoot its production cut target following unexpected outrages in countries such as Venezuela and Libya, contributing to the steep rise in oil prices. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">7. The lack of any clear commitment from OPEC to raise production suggests that the threat of a supply shock still looms over the global economy.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sketchy deal News: The Organisation of the Petroleum Exporting Countries (OPEC) recently agreed to increase its daily output to address the problem of rising crude oil prices. OPEC: OPEC is an intergovernmental organization of 15 nations as of June 2018, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia,&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/sketchy-deal\/\">Continue reading <span class=\"screen-reader-text\">Sketchy deal<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-28674","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704911226},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=28674"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28674\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=28674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=28674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=28674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}