{"id":6391,"date":"2024-12-05T04:10:01","date_gmt":"2024-12-05T04:10:01","guid":{"rendered":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/?p=6391"},"modified":"2024-12-05T04:10:01","modified_gmt":"2024-12-05T04:10:01","slug":"oil-prices-rise-with-all-eyes-on-opec-supply-decision","status":"publish","type":"post","link":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/2024\/12\/05\/oil-prices-rise-with-all-eyes-on-opec-supply-decision\/","title":{"rendered":"Oil prices rise with all eyes on OPEC+ supply decision"},"content":{"rendered":"\n

Article Link: https:\/\/www.reuters.com\/markets\/commodities\/oil-prices-rise-with-all-eyes-opec-supply-decision-2024-12-05\/<\/a><\/p>\n\n\n\n

On December 4th 2024, ahead of an OPEC+ meeting oil prices rose as the the Organization of the Petroleum Exporting Countries (OPEC+) and it’s allies. OPEC+ has been looking to phase out supply cuts through the next year. The oil market is most likely going to raise by the end of the year and one of the major countries that is in OPEC+ is Saudi Arabia but contains other middle eastern nations and they produce and control about 40% of the worlds crude oil. With the war going on between Israel and Hezbollah, oil is becoming a big commodity as it is needed to run tanks and aircraft as well as other military equipment. Although Hezbollah has been fighting the war, it is said that Hezbollah will try and rebuild it’s stockpiles which includes oil as it is necessary to operate equipment, but could pose a long term threat to the US.<\/p>\n\n\n\n

This is really important as for everyone in the world who drives a car or for many to keep lights on. If OPEC+ makes the decision to not cut rates it produces less oil making it more expensive on the consumer and in return makes the people not very happy. The middle eastern countries are gaining a lot of money from this as it’s what their economy is based on but it’s being used to fight a war which isn’t very good in my opinion. Especially since it’s needed in fighter jets from both Israel and Hezbollah and the jet’s from Israel are provided by the US. Those OPEC+ countries have leverage over many countries as a lot of smaller countries depend on OPEC+ to supply them with oil and with the wars going on trading may take longer and be less efficient as they may need to take longer routes. <\/p>\n\n\n\n

OPEC+ could decide to either reduce supply which would increase prices or increase supply which would decrease prices but they have such a large control over the global market as they are the largest group of oil producers in the world. In the interest of their own national interest in making money, they are going to keep prices high as the biggest producers in OPEC+ are Saudi Arabia but also include Russia. Saudi Arabia’s whole economy is on oil and arn’t going to let the prices get low as they want to get rich and powerful, to expand it’s power and it’s global influence. OPEC+ is an IGO primarily an economic IGO that serves to benefit the countries in money and benefiting it’s GDP. But each country has a goal of being a world leader and competes with other nations in OPEC+ to be the most powerful. It’s a hard power that OPEC+ has over nations that need the oil as they can shut out nations from being able to buy oil and that is going to give the country a hard time as they arn’t able to produce enough oil on their own.<\/p>\n","protected":false},"excerpt":{"rendered":"

Article Link: https:\/\/www.reuters.com\/markets\/commodities\/oil-prices-rise-with-all-eyes-opec-supply-decision-2024-12-05\/ On December 4th 2024, ahead of an OPEC+ meeting oil prices rose as the the Organization of the Petroleum Exporting Countries (OPEC+) and it’s allies. OPEC+ has been looking to phase out supply cuts through the next year. The oil market is most likely going to raise by the end of the year and one of the… Read more »<\/a><\/p>\n","protected":false},"author":305,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6391","post","type-post","status-publish","format-standard","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/6391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/users\/305"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/comments?post=6391"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/6391\/revisions"}],"predecessor-version":[{"id":6398,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/6391\/revisions\/6398"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/media?parent=6391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/categories?post=6391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/tags?post=6391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}