Title: Stable Crude Oil Prices Unfazed by Angola’s OPEC Exit
In a surprising move, Angola recently announced its departure from the Organization of the Petroleum Exporting Countries (OPEC). However, despite the shockwaves this decision sent throughout the industry, crude oil prices remained relatively stable on Friday, leaving experts to question its long-term impact.
The price of a barrel of West Texas Intermediate (WTI) was recorded at $74.03, marking a slight 0.09% decrease compared to the previous day. It is important to note that on the same Friday before Christmas last year, WTI was considerably higher, trading at $79.56 per barrel. Similarly, Brent crude, a key benchmark in oil pricing, experienced a marginal 0.20% decrease from the same time last year, totaling $79.23 per barrel on Friday.
Although WTI did witness a rise over the past week, starting just below the $72 mark, it has managed to sustain its stability amidst Angola’s OPEC departure. Observers initially feared that Angola’s move would cause oil prices to plummet, but they significantly stabilized as the week came to a close.
Moreover, gasoline prices in the United States have continued their upward trend over the last week. The average price for a gallon of regular-grade gasoline now stands at $3.129, compared to $3.087 per gallon just a week ago. This surge in gasoline prices comes alongside the relatively stable crude oil market, raising questions about the factors influencing this disparity.
Angola’s decision to leave OPEC did not have a substantial impact on oil or gasoline prices. However, it created turmoil within the organization earlier this summer, as both Angola and Nigeria were assigned lower crude oil production quotas in the OPEC+ agreement. The disagreement between these two members led to a delayed OPEC meeting and further complicated the oil market dynamics.
While Angola’s exit from OPEC seemed to unsettle the market initially, it appears that stability has prevailed as the week progressed. The industry continues to monitor the situation closely, as the long-term effects of Angola’s decision and the delicate balance in oil pricing remain uncertain.
In conclusion, despite Angola’s departure from OPEC and the challenges it posed within the organization, crude oil prices maintained their stability on Friday. With WTI hovering at $74.03 per barrel and Brent crude at $79.23 per barrel, the market showcased resilience amidst uncertainties in the global oil market.
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