In an effort to stabilize oil prices, OPEC (Organization of the Petroleum Exporting Countries) countries have announced plans to reduce their oil production by an additional 1.7 million barrels per day starting from January 1, 2023. 

This decision comes on top of previous production cuts implemented earlier this year. The participating countries, including Saudi Arabia, Iraq, and the United Arab Emirates, as well as Russia, which is not an OPEC member, have emphasized that the production cuts are voluntary and aimed at preventing oil prices from falling further. The reductions are set to last until the end of March, with the possibility of extension depending on market conditions. The move comes as oil prices have been declining since mid-October, following a significant increase earlier in the year. The OPEC countries hope that by reducing production, they can prevent prices from dropping too low and maintain stability in the market.

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Europe Reduces Gas Demand Amidst Ukraine Crisis

21 February 2024

Since the Russian invasion of Ukraine, Europe has decreased its gas demand by 20 percent, reaching the lowest level in a decade. Consumption has been curbed, and gas from Russia has been replaced by LNG (liquefied natural gas). The decline has been particularly noticeable in large countries such as Germany, Italy, and the United Kingdom, […]

Cocoa Prices Soar: Challenges and Impacts on Chocolate Industry

14 February 2024

There appears to be no halt in the upward trajectory of cocoa bean prices. In 2023, cocoa emerged as the top-performing commodity, skyrocketing by 65%. Just two months into the new year, there’s already another surge of over 40%. This places cocoa, the vital ingredient for chocolate, at the forefront of Bloomberg’s data aggregator overview […]

European Central Bank Official Discusses Blockchain Technology’s Potential Impact on Financial Sector

13 February 2024

Blockchain technology is still in an exploratory phase in the European financial sector, but widespread adoption in wholesale payments is expected in the coming years, prompting central banks to take action. This was stated by European Central Bank member Piero Cipollone while opening the 30th Assiom Forex Congress in Genoa, emphasizing that “central banks cannot […]

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