US EditionSaudi 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.
62 Articles
62 Articles
Skepticism and Confusion: What Analysts Say About the OPEC+ Cuts
(Bloomberg) — The latest bid by OPEC+ to support crude prices with additional oil-output cuts that’ll take effect from January has left market watchers skeptical about the effectiveness of the move. That’s partly because of the voluntary nature of the curbs, and partly because of their opacity.
OPEC+ Is Cutting Oil Production Again
by Nick Pope at CDN - OPEC+ announced a new round of cuts to oil production on Thursday, The Wall Street Journal reported. The oil cartel, which is responsible for about 40% of the world’s oil production, said that it would reduce production by an additional 1 million barrels per day, equivalent to about 1% of … Click to read the rest HERE-> OPEC+ Is Cutting Oil Production Again first posted at Conservative Daily News
Some OPEC+ members will cut the oil that they send to the world to try to boost prices
LONDON (AP) — The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Thursday, expanding some output cuts into next year and bringing up-and-coming oil supplier Brazil
Some OPEC+ members cut oil they send to the world as they try again to boost prices
Some OPEC+ members cut oil they send to the world as they try again to boost prices The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Thursday, expanding some output cuts into next year and bringing up-and-coming oil supplier Brazil into the fold.Lower oil prices have been a good thing for US drivers, who have been able to fill their gas tanks for less money …
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