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Opec+ countries extend additional voluntary output cutsThe Opec+ countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day (mbpd) for two months until the end of November 2024. This came as these countries that previo More… |
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Opec+ in deal to extend deep production cuts into 2025The Organization of the Petroleum Exporting Countries and allies led by Russia (together known as Opec+) have reached an agreement to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid d More… |
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Oil may soar further this year, but 2024 demand slowing: IEAOpec+ supply cuts could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024, according to the International Energy Agency (IEA). &nbs More… |
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Saudi Arabia, other oil giants announce surprise output cutsSaudi Arabia and other Opec+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the US called inadvisable, said me More… |
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Oil prices will continue to stay elevatedOil prices will continue to stay elevated as Opec+ members are struggling to raise production. Brent and WTI are edging higher and hovering around their highest levels since 2014 in the leadup to today’s More… |
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Opec+ to maintain tapering pace at 400,000 bpdOpec+ has decided to stay the course and maintain the tapering pace at 400,000 barrels per day (bpd), tempering market expectations of incremental supplies over the near term, said British multinational bank Barclays in a new report. More… |
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Opec+ keeps oil market 'in deficit'Opec+ supply hikes should leave the market in deficit in '21, while a baseline change does not mean extra 1.6 million barrels per day (mbpd) from Apr'22, a BofA Global Research report said. The oil pric More… |
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Opec+ output decision delay tests co-ordination capacityOpec+ has delayed its decision on the extent of crude oil production increases, raising questions about the alliance’s capacity to coordinate production and highlighting disagreements about supply policies, according to Fitch Ratings. More… |
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Opec+ stalemate unlikely to last long: MUFGWhile the July Opec+ meeting never concluded as the UAE, Saudi Arabia and Russia failed to overcome their differences, Opec+ has successfully stood the test of time and differences in the current standoff are surmountable, a report said. More… |
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Opec+ stalemate unlikely to last long: MUFGWhile the July Opec+ meeting never concluded as the UAE, Saudi Arabia and Russia failed to overcome their differences, Opec+ has successfully stood the test of time and differences in the current standoff are surmountable, a report said. More… |
