Page 29 - Utput Cuts News Today

Concern that demand for oil may weaken in the future was one of the reasons OPEC+ decided to stick with its original agreement to add 400,000 bpd in November

The required crude oil production from OPEC and its non-OPEC allies led by Russia is 39.694 million barrels per day (bpd) in November

Unlike in previous years, the U.S. shale patch will not have a large say in where oil prices will be going in the coming months

The OPEC+ alliance is widely expected to keep their current plans of easing the collective oil production cuts as the group gathers for its monthly meeting today

A crude oil price of $100 per barrel would be unsustainable, according to Iraqi Oil Minister, Ihsan Abdul Jabbar Ismail

Saudi Arabia’s oil revenues are flowing in at the highest rate in three years, Bloomberg reports, thanks to the strong price recovery since the start of this year

Oil prices jumped early on Monday after reports started to emerge that the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ alliance recommended to the ministers to stick to the current plan and ease the cuts by 400,000 barrels per day

The OPEC+ meeting has ended with rather disappointing news for the oil markets that were hoping for a surprise increase in oil production

OPEC+ is considering a production boost by more than the 400,000 bpd monthly the extended oil cartel agreed to earlier this year

Despite the recent agreement on oil output, the rift between the UAE and Saudi Arabia continues to simmer under the surface