Page 15 - Pec News Today

“The economy, despite the challenges, is still doing quite well,” OPEC Secretary-General Haitham Al-Ghais said at the Argus European Crude Conference in London on Tuesday. “We are positive on demand, we’re still quite robust on demand.”

This decision maintains the Kingdom’s production at approximately 9 million barrels per day for the month of December 2023, an official statement from the Ministry of Energy read.

Despite OPECs efforts to elevate oil prices, the US has surged in crude production, primarily driven by innovations in the Permian basin and shale expansion.

ALBAWABA – Despite the announced supply cuts from Russia and Saudi, Russian oil exports have climbed for a third week in a row, according to Bloomberg,

Russia’s oil exports climbed in the week to October 29, further undermining its pledge to cut supply by 300,000 barrels per day.

The U.S. is considering imposing new sanctions on Iran, potentially impacting global oil prices and regional dynamics.

The OPEC+ group does not plan to take action in the wake of Iran calling for an oil embargo on Israel.

Following the lifting of the oil export ban, the U.S. has increased its crude oil exports at a very fast pace

The pact between Saudi Arabia and Russia to keep oil barrels off the market could be showing signs of weakening, with Russia’s oil exports now on the rise

The traditionally inverse relationship between oil prices and the U.S. dollar has been disrupted recently, but analysts believe this anomaly will be short-lived due to potential economic slowdowns.