Page 6 - Utput Cuts News Today

Amid a flurry of unrest amid the OPEC+ oil group, a rollover of the prior agreement is the likely scenario, with deeper production cuts being less likely, four OPEC+ sources told Reuters on Tuesday

Brent moved above $80 a barrel, thanks to expectations that OPEC+ could deepen and extend output cuts at its Thursday meeting amid softer global demand.

The Saudi-led alliance hasn’t been able to reach an agreement with Angola and Nigeria, which are pushing back against lower quota limits for 2024, which reflect their diminished production capabilities

Prices have been volatile since a surprise attack by Hamas on Israel last month.

An OPEC+ source told Reuters on Monday that the expanded cartel is considering bigger oil output cuts during its November 30 meeting

About 50% of analysts surveyed by Bloomberg on Friday says that they expect OPEC+ to roll over the deep production cuts into 2024

Fears that OPEC+ will further deepen cuts at its next meeting had already put downward pressure on oil prices earlier this week, but the postponement of the meeting has added further concerns over an intensifying spat among the cartel’s members

Fears that OPEC+ will further deepen cuts at its next meeting had already put downward pressure on oil prices earlier this week, but the postponement of the meeting has added further concerns over an intensifying spat among the cartel’s members

Crude oil prices continued their climb on Monday with gains of over 2% heading into the next OPEC+ meeting on November 2

Opec+ is weighing further reductions in response to falling prices and rising anger over the Israel-Hamas war.