{"id":203956,"date":"2023-12-01T01:41:51","date_gmt":"2023-11-30T20:11:51","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=203956"},"modified":"2023-12-01T01:41:51","modified_gmt":"2023-11-30T20:11:51","slug":"wti-drops-following-opec-production-cut-decision-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/wti-drops-following-opec-production-cut-decision-crypto-news\/","title":{"rendered":"WTI drops following OPEC+ production cut decision &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>\n                        <span class=\"fxs_socialmedia_bar_share_label\">Share:<\/span><\/p>\n<ul>\n<li><strong>WTI dropped more than $3.00 after hitting a daily high of $79.56, shy of the $80.00 per barrel barrier.<\/strong><\/li>\n<li><strong>OPEC+ decided to slash Crude Oil production, but at a pace slower than expected by market participants.<\/strong><\/li>\n<li><strong>Oil production in the US rose to a monthly record, despite the production contraction in Texas.<\/strong><\/li>\n<\/ul>\n<p>The US Crude Oil benchmark WTI tumbles more than 2% on Thursday after the OPEC+ producers agreed to cut production for the first quarter of 2024, though it fell short of market expectations. At the time of writing, WTI is trading at $76.02 after hitting a daily high of $79.56.<\/p>\n<h2 class=\"fxs_headline_medium\">WTI crude oil sees a significant drop despite OPEC+ agreement on production cuts for Q1 2024<\/h2>\n<p>Saudi Arabia, Russia, and other members of the OPEC+ agreed to cut almost 2 million barrels per day (bpd) for the first quarter of 2024. Hence, the Saudis and Russia committed to extend their 1.3 million barrels cut for the next year.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/markets\/commodities\/energy\/oil\">Oil prices<\/a> tumbled instead of rising, which suggests disappointment amongst investors. Sources cited by Reuters noted, \u201cFor now, the outcome does not live up to the expectation&#8230; in recent days.\u201d<\/p>\n<p>The OPEC meeting was postponed last week due to disagreement over output quotas for African producers. The cartel invited Brazil, one of the world\u2019s major producers to become a member of the group.<\/p>\n<p>In the meantime, US Crude Oil production grew by 1.7% in September, to a monthly record of 13.24 million bpd, the US Energy Information Administration (EIA) said. Contrarily, production in Texas shrank 0.1% the agency said, to 5.57 million bpd, the lowest level since July, and the first production contraction since April.<\/p>\n<h2 class=\"fxs_headline_medium\">WTI Technical Levels<\/h2>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: WTI dropped more than $3.00 after hitting a daily high of $79.56, shy of the $80.00 per barrel barrier. OPEC+ decided to slash Crude Oil production, but at a pace slower than expected by market participants. Oil production in the US rose to a monthly record, despite the production contraction in Texas. The US [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":21176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,729,2321,255,250,683,252,247,253,249,256,254,664],"class_list":["post-203956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-energy","tag-fundamental-analysis","tag-gta","tag-looks-rare","tag-oil","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress","tag-wti"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=203956"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203956\/revisions"}],"predecessor-version":[{"id":203957,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203956\/revisions\/203957"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/21176"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=203956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=203956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=203956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}