Page 9 - Pec News Today

Prince Abdulaziz said on Monday that OPEC+ production cuts could extend beyond March 2024.

ALBAWABA – The US dollar slipped as oil prices edged slightly higher over the weekend through Sunday on OPEC+'s initial agreement to further cut output

Oil prices drop over 2% on Friday as investors doubt OPEC+ supply cuts and worry about sluggish global manufacturing activit

Oil Prices: Brent crude futures for February rose by 16 cents, or 0.2%, to USD 81.02 a barrel by 1520 GMT on their first day as the front-month contract.

US Fed to move carefully on interest rates; Global manufacturing data sluggish in November

Oil markets were left both confused and underwhelmed by the OPEC+ announcement that it would cut production by 2.2 million bpd in 2024.

Brazil claims it will not have any quota and will not participate in oil production cuts when it joins OPEC+ next year.

ALBAWABA – Oil prices steadied as OPEC+ members negotiated cutting oil supplies with Bloomberg’s US dollar index up on stronger safe-haven markets.

OPEC+ has reached a preliminary agreement on an additional reduction in oil production by more than 1 million barrels per day, media reported on Thursday, citing a source in the alliance.

Oil prices began to retreat on Thursday afternoon as it became clear that OPEC+ members were agreeing to voluntary cuts beginning in the new year, and that those cuts would be announced only by each member country instead of by the group as a whole.