Crude oil (CL=F, BZ=F) prices dip following reports that OPEC+ member countries have agreed to cut oil production output by 1 million barrels per day in 2024. Yahoo Finance Senior Reporter Ines Ferré monitors energy market trends on these headlines, including commentary from various analysts and what this may mean for gas prices (RB=F) For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
The OPEC+ group on Thursday agreed to additional output curbs of 1 million barrels per day, in a move that could send oil prices higher.
US oil production is on the path to reach record highs in 2023, according to the Energy Information Administration (EIA), while active domestic oil rigs decline this year. Yahoo Finance Live comments on the Biden administration's stance on domestic oil production as President Biden opts out of attending the COP 28 climate conference in Dubai. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.