Skip to main content

OPEC to cut production, oil prices drop

Gas prices may soon be on the rise again. That’s the goal behind OPEC’s decision to cut oil production, but it wasn’t the result Friday morning.

The Organization of Petroleum Exporting Companies today announced plans to cut output by 1.5 million barrels a day, beginning Nov. 1. OPEC says it is trying to stem the “dramatic collapse, unprecedented in speed and magnitude,” of oil prices, according to a press release issued today by OPEC.

The announcement had the opposite effect, however, as oil futures fell about 7 percent today to $63 a barrel. Crude oil prices peaked in July at $147 a barrel, the New York Times reports.

OPEC will revisit the issue — and the possibility of another output reduction — at a conference scheduled for Dec. 17 in Algeria.

Related

A High Priority

As invasive Asian carp continue working their way toward the Great Lakes, the governors of several states in the region appeal to Congress to push for funding that would stop that spread.

DEALERS: How Are You Finding and Keeping Staff?

Take this month’s Pulse Report Survey here.

Suntex Acquires Lynn Creek Marina

The Grand Prairie, Texas, facility is the latest addition to Suntex’s U.S. marina holdings.

C.G. Foundation Offers 2022 Scholarships

Applications for the program, open to college-age children of Coast Guard personnel, will be accepted starting Feb. 1.

ABYC Foundation Launches Accreditation Program

High schools and post-secondary schools that teach marine service can apply for ABYC’s “gold seal approval” and help shape the next-generation workforce.

U.S. Economy Showed Significant Growth in Q4

Gross domestic product grew at pace of 6.9 percent, but omicron and supply shortages may stymie Q1 2022 numbers.

Q&A with Çağın Genç

Sirena Marine CEO Çağin Genç takes our questions.