Page 5 - Utput Cuts News Today

The Thursday OPEC+ decision for voluntary cuts, which largely suggests that it’s now each cartel man for himself, might further erode the “legitimacy” of the group

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

Benchmark global oil prices settled down around 2% [O/R], in part because the reductions were voluntary and because of investor expectation ahead of the meeting that additional supply cuts might be deeper. Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world's oil, met online on Thursday to discuss supply policy. The group discussed 2024 output amid forecasts the market faces a potential surplus and as a 1 million barrel per day (bpd) cut by Saudi Arabia wa...

Why did crude fall out of bed on Thursday, shortly after OPEC+ announced an extension to their production cuts, and is the bearish move going to continue?

Amid record-high U.S. crude oil production, money managers have been selling WTI futures for eight consecutive weeks, suggesting that traders don’t expect too much from the OPEC+ meeting

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.

The OPEC+ group on Thursday agreed to additional output curbs of 1 million barrels per day, in a move that could send oil prices higher.

OPEC+ reached a deal on Thursday that would see the group’s oil production cuts spill over into the new year—and at a level that is a deeper cut than is currently in place,

Oil prices are falling rapidly as the market had been led to expect 1 million barrels a day of extra cuts, but there’s no mention of them at all in the communique

Brent crude oil continued to rise on Wednesday, gaining 1.6% as the market focuses squarely on the OPEC+ meeting scheduled for Thursday