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International Business Times
International Business Times
Business
Helder Marinho

In Focus This Week: OPEC+ Meeting, PCE Data, Powell Speaks, COP28 Starts

OPEC United States COP28 Jerome Powell China Inflation Kroger Oil US Federal Reserve
OPEC and its allies will discuss extending oil production cuts (Credit: Reuters)

Members of the OPEC+ group meet virtually Thursday to discuss oil production targets for 2024. The meeting was initially scheduled for this weekend. The announcement of a postponement caused a drop of as much as 4% in oil prices last week.

Some members of the cartel are reportedly pressuring for additional cuts in output to stop prices from continuing falling. Oil is now around $80 a barrel. Prices jumped to as much as $140 per barrel last year after Russia invaded Ukraine.

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