United Refining CEO John Katsimatidis tells Varney & Co. there is a conflict between rational oil prices and where oil-producing countries pay for fuel.
OPEC+ meets this week to decide on production.
The group of oil producers will reportedly consider cutting production by more than 1 million barrels per day, delegates told Bloomberg.
The meeting will be held on Wednesday in Vienna.
Production cuts will reflect concern that International Economy It slows down quickly in the face of fast tightening monetary policy.
Exxon CEO Warns Biden Administration Against Restricting Fuel Exports
A 3D-printed oil pump socket is shown in front of the OPEC logo in this illustration. (Reuters/Dado Rovich/file photo/Reuters Photo)
Oil prices have It was also affected by the strength of the dollar.
Delegates said the final decision on the size of the cuts will not be made until ministers meet.
Brent crude jumped above $125 a barrel following the Russian invasion of Ukraine in February.
It has since fallen to $85, slashing the profits enjoyed by Saudi Arabia, Russia, the United Arab Emirates and other members of the coalition.
Silhouette of making oil pumps on sunset background (iStock / iStock)
US imposes new sanctions on Iranian oil exports, targeting Chinese companies
Oil prices fell on Friday in volatile trading but made their first weekly gain in five on Friday.
Storage tanks are seen at Marathon Petroleum Corporation’s Los Angeles refinery. (Reuters/Beng Guan/Reuters Photo)
Brent crude futures were traded at $87.96 a barrel.
US West Texas Intermediate crude futures fell to $79.49.
Oil fell 25% in the quarter that ended on Friday.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Banks, including JPMorgan Chase & Co., have said that OPEC+ may need to cut production by at least 500,000 barrels per day to stabilize prices.
“Web maven. Infuriatingly humble beer geek. Bacon fanatic. Typical creator. Music expert.”
More Stories
Bank of Japan decision, China PMI, Samsung earnings
Dow Jones Futures: Microsoft, MetaEngs Outperform; Robinhood Dives, Cryptocurrency Plays Slip
Strategist explains why investors should buy Mag 7 ‘now’