Page 7 - Utput Cuts News Today

While fundamentals took over from the war-risk premium this week, pummeling oil prices, Brent crude was gaining over 4% by midday Friday

Russia is set to slash its crude oil export duty by 5.7% for December as the price of its Urals blend drops, Bloomberg reported on Wednesday,

The excessive piling of bearish positions could prompt Saudi Arabia to roll over its extra production cut of 1 million barrels per day, or at least part of it, into 2024

OPECs crude oil production rose in September compared to August, according to the groups latest Monthly Oil Market Report published on Thursday.

Following last week’s decline, there has been no respite from volatility for crude oil prices, with both concerns about economic growth and renewed risk from the Middle East influencing the markets

Russian President Vladimir Putin told an energy conference in Moscow on Wednesday that Russia and Saudi Arabia would “most likely” extend output cuts into 2024

The Saudis and the Russians may have taken a risk with their cuts, but with Brent at $95 per barrel, both incumbents have seen their oil revenues increase compared to earlier this year

Predicting the future of oil prices is less a game about fundamentals than it is about determining whether the Saudis are cutting output to jack up prices to balance their 2023 budget, or whether they truly see a need to stabilize the market.

Energy investors don’t share the enthusiasm of hedge funds and speculators, which have become the most bullish in nearly two years as oil equities are lagging behind soaring crude prices.

Projecting the oil price outlook just a few months out is proving to be a challenge, with prognostications by different experts varying by quite wide margins.