info@marketresearchfuture.com   📞 +1 (855) 661-4441(US)   📞 +44 1720 412 167(UK)   📞 +91 2269738890(APAC)

Oil Prices Rises Automatically With The Cut In Output

By Snehal Singh , 03 May, 2023

After the largest exporters of oil in the world announced surprise cuts in the production, oil prices have surged. The study says, the brent crude oil prices is trading close to $85 a barrel after jumping almost 6 percent.

Even the economists warned that higher oil prices may make it harder to bring down the inflation. But according to the RAC motoring group, it does not expect petrol prices to rise until and unless the higher oil prices sustained over many days.
Energy giants like BP and Shell saw that their share prices rising more than 4 percent. Reports say, Russia plans to extend its cut of half a million barrels a day till the end of 2023. On the other hand, the United States has been calling for producers to increase the output in order to push the energy prices lower.
According to the reports, high fuel prices and energy have helped to drive up the inflation by putting pressure on many of the household finances. The chief economist at KPMG, said that the oil price surges could make the battle lower down the inflation even harder. In her opinion, the rising oil prices would not necessarily lead to the higher household energy bills.
The survey reveals, diesel price 17 percent more than the petrol despite fall in the oil prices. Petrol prices also rises in warning after cut in oil output. And the output reduction is made by members of the Opec + oil producers. The group also accounts for about 40 percent of all the world’s crude oil output. Reports says, Saudi Arabia is reducing the output by 500,000 barrels each day and Iraq is reducing its output by 211,000. Kuwait, Algeria, Oman, and the UAE are also making cuts in output.

Oil Prices Rises as Output is Cut

Oil-Price-Rises.jpg

Latest News

2025.png
Quadric and Denso Team Up to Progress Automotive AI Semiconductors for 2025

The automotive industry will benefit significantly from strategic partnerships in artificial intelligence (AI) and its use in cars. AI integration into automobiles is projected to improve considerably in the year 2025 due to the formation of various…

Read More

2024.png
Semiconductor Trade Restrictions Threaten EV, AI, and Industrial Progress in 2025

In 2025, the global semiconductor industry is already grappling with new and complex challenges emanating from the trade wars and policy changes between the United States and China. The semiconductor industry, an essential backbone of technology…

Read More

2030.png
Surge in Demand for Semiconductors in 2025 Driven by Boom of Generative AI

The rapid use of generative artificial intelligence (AI) in 2025 has profoundly affected the semiconductor sector, resulting in unprecedented growth for advanced chip technologies. According to estimates made by the Capgemini Research Institute, this…

Read More

condition.png
Texas Faces Challenges to Balance Grid Security and AI Boom in 2025

Texas will face an emerging challenge in 2025 as the electricity grid experiences unprecedented strain from the rapid expansion of artificial intelligence (AI) data centers. Power usage has increased due to technology firms' indiscriminate placement…

Read More

Stocks.png
Tech Turmoil in 2025: Magnificent Seven Stocks Slide as Tesla Leads Market Decline

With the "Magnificent Seven”- Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, and Tesla leading the fall, the US stock market saw a significant dip in early 2025. Usually seen as market drivers, these IT behemoths found themselves in the correction…

Read More

Author Pic
Snehal Singh

Assistant Manager - Research