Page 7 - Pec News Today

The Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies agreed last week to new voluntary cuts of about 2.2 million bpd

Oil prices were climbing early on Friday morning but bearish sentiment continues to dominate markets as WTI and Brent head for another weekly loss.

Brent crude futures were up USD 1.46 or 2 per cent at USD 75.51 a barrel at 14:31 GMT, while US West Texas Intermediate crude futures were up USD 1.33 or 1.9 per cent to USD 70.67 a barrel, , OPEC+, crude prices

Russia and Saudi Arabia are calling on all other OPEC+ members to adhere to their production cuts after oil prices tumbled.

Despite the OPEC+ supply curbs, prices have slipped nearly 11pc since the settlement on Nov 29

Oil production cuts no longer offer Saudi Arabia the fiscal windfall it seeks. 

ALBAWABA – Oil prices rose as the market weighs in the latest output cuts by OPEC+ against demand prospects in China, while the US dollar ticked higher.

Russian President Vladimir Putin arrived in Saudi Arabia on December 6, having wrapped up his trip to the United Arab Emirates (UAE). What signal does Putins Mideast tour send to the world?

The pledged reductions of over 2 million barrels per day, with half originating from Saudi Arabia, will be withdrawn based on market conditions and a phased-in approach, ensuring full delivery.

Record-breaking U.S. oil production is putting pressure on the OPEC+ group, with dissent within the alliance raising the specter of another oil price war.