Doubts Over Oil Output Agreement Grow

Oil futures lost more steam Tuesday on doubts the Organization of the Petroleum Exporting Countries will dole out any strong measures to enforce production caps at their ongoing meeting.

OPEC officials have said the purpose of the two-day gathering, which wraps Tuesday, is to discuss ways to improve compliance level to the deal, which went into effect in January in hopes of reducing historically high global stockpiles of crude.

But various data have shown that some member states haven’t abided by their assigned production level, and small countries such as Ecuador have pushed back, arguing that capping output is hitting their economies.

MarketWatch

Oil and Gold Take a Chill Pill and Becalm Down

Gold Stabilizes After Friday Slide

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.