Saudi Arabia and Russia worked through their differences, leading to an agreement for a record cut in oil production worldwide in hopes of raising prices for crude oil and gasoline.
The move was designed to stem the tide of falling prices; however, in the short term it’s had the opposite effect. Investors aren’t sure the move will have the desired impact because demand is low and there is still a massive amount of supply for the market due to the coronavirus.
Complicating the efforts to drive prices up is that Mexico has not agreed to go along with the plan. The country has agreed to cut some production, but not at the levels the rest of the producers have agreed to, jeopardizing the entire agreement.
Read the article at The Detroit Bureau.
The post Gas Prices Not Expected to Rise Despite New Russia-OPEC Deal appeared first on Fleet Management Weekly.
from Fleet Management Weekly https://ift.tt/2V3s9Kn
Sourced by Quik DMV - CADMV fleet registration services. Renew your registration online in only 10 minutes. No DMV visits, no lines, no phone mazes, and no appointments needed. Visit Quik, Click, Pay & Print your registration from home or any local print shop.
0 comments:
Post a Comment