Published 8 months ago

Saudi Arabia extends cut in oil it sends to the world in bid to boost prices

OPEC+ members, including Saudi Arabia and Russia, have agreed to extend voluntary oil production cuts of up to 2 million barrels per day in early 2024. Saudi Arabia will maintain its voluntary cut of 1 million bpd until the first quarter of next year.
There are concerns about oversupply and a weakening global economy, which have kept oil prices in the low- to mid-$80 range. Russia seeks more oil revenue due to Western sanctions, while Saudi Arabia needs nearly $86 per barrel to meet spending goals.
OPEC+ faces challenges in reaching a consensus on production cuts. The question is how to divide the cuts among the 23 member countries, some of which have already accepted lower production targets. Compliance and the global oil balance remain important factors.

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Reuters

Oil prices fall amid skepticism on OPEC+ supply cuts

Oil prices fell on Thursday after rising by more than 1% earlier in the session after OPEC+ oil producers agreed to voluntary output cuts approaching 2 million barrels per day (bpd) for early next year, with each country announcing separately its voluntary cut.

8 months ago·United Kingdom

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Associated Press News

Some OPEC+ members will cut the oil that they send to the world to try to boost prices

The OPEC oil cartel and allied producers have made another big swipe at propping up lagging crude prices. The OPEC+ oil ministers came out of an online meeting Thursday with

8 months ago·United States

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Global News

Saudi Arabia extending cut in oil it sends to the world in bid to boost prices

Saudi Arabia will extend a cut in the amount of oil it sends to the world.

8 months ago·Toronto, Canada

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The Washington Post

Saudi Arabia extends cut in oil it sends to the world in bid to boost prices

Saudi Arabia will extend a cut in the amount of oil it sends to the world after a series of reductions by members of the OPEC+ alliance of major producing countries failed to prop up prices

8 months ago

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CNBC

Oil kingpin Saudi Arabia extends its production cut into first quarter as OPEC+ leaves its official policy unchanged

The OPEC+ alliance had already instituted a 2 million-barrels-per-day cut in place until the end of 2024.

8 months ago·United States

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The Telegraph

Oil price climbs as Saudi-led cartel agrees to cut production - latest updates

The price of crude has risen after a cartel of oil-producing nations led by Saudi Arabia said it would cut production by another one million barrels per day.

8 months ago·London, United Kingdom

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