Oil Prices Hover Near Year-Highs as OPEC Mulls Output Freeze

oil prices hover near year highs as opec mulls output freeze

Sumary of Oil Prices Hover Near Year-Highs as OPEC Mulls Output Freeze:

  • Shaybah oil field development in Saudi Arabia’s Al-Rub al-Khali desert AFP via Getty Images Oil prices remained stuck around the $80-a barrel mark Thursday as a decision by the U.S. administration to release up to 50 million barrels of strategic reserves in a bid to push down gas prices faltered.
  • Prices had fallen to $79 on news of the U.S. release, but recovered quickly thereafter.
  • According to the Wall Street Journal, Saudi Arabia, OPEC’s leading member, as well as Russia are considering a pause in the gradual increase – by 400,000 barrels a month – to help prevent a fall in prices, if output indeed outpaces demand at some point next year.

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