Page 26 - Pec News Today

OPEC+ decision to extend oil production cuts until the end of 2024 may cause an increase in global oil prices due to the possible imbalance of supply and demand, Japanese Chief Cabinet Secretary Hirokazu Matsuno said on Monday.

Saudi Arabia’s decision to cut a further 1 million barrels per day will only tighten oil markets and could send Brent oil prices to $100 by the end of the year.

Saudi Arabia announced that it is cutting oil production by billions of barrels a day in what it claimed was a bid to stabilize prices.

Saudi Arabia’s Energy Minister is fed up with other OPEC members failing to meet their production quotas month after month

Saudi minister told short-sellers to watch out

ALBAWABA – Oil prices rose by over 2 percent on Friday on the United States (US) Congress passing the US debt ceiling deal, which averted a historic US

At an in-person Opec+ meeting at the group’s headquarters in Vienna on Sunday, Riyadh announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession.

The official source said that the decision comes in coordination with some countries participating in the OPEC+ agreement.

Saudi Arabia to reduce oil output by 1 million barrels per day, while rest of OPEC+...

Russia will extend its voluntary oil production cut by 500,000 barrels per day until the end of December 2024, Deputy Prime Minister Alexander Novak said on Sunday.