Page 28 - Utput Cuts News Today

Although the OPEC+ alliance is currently ramping up its collective crude oil production slightly above what they had agreed on, not all members of the group can quickly raise their output

Middle Eastern producers have maintained rigorous discipline in adhering to OPEC+ output cuts, but in the meantime, the battle for market share in Asian markets heats up

OPEC+ was pumping 15 percent less crude oil than its overall production quota for September, delegates familiar with the output numbers told Bloomberg on Monday

Even if energy stocks do remain strong, though, there is a confluence of timing and pricing that makes this an ideal time to bank some profits

Years of underinvestment and shut in wells could seriously impact OPEC’s ability to ease output cuts and jack up production in the short term

Russia is currently pumping 9.9 million barrels per day (bpd) of crude oil, but has the capacity to increase production to up to 11.4 million bpd, Russian Deputy Prime Minister Alexander Novak said on Thursday

The success of OPEC+ in stabilizing the oil market after last years price crash shows that the group has all the chances to expand cooperation and include areas such as new technologies and emissions reduction, Russian President Vladimir Putin said on Wednesday

Asked by CNBC’s Hadley Gamble whether the U.S. benchmark could hit $100 a barrel, Putin replied “That is quite possible.”

Not so long ago, the U.S. shale patch had a large influence on oil prices, challenging OPEC’s long-standing role as a price-setter, but the pandemic has changed a lot for the world’s newest swing producer

OPEC+ is producing less oil than it is supposed to, a survey by Platts has revealed, as cited by Forex Live