Page 9 - Utput Cuts News Today

Russia will disclose the details of the deal with OPEC+ next week, Russian Deputy Prime Minister Alexander Novak told President Vladimir Putin on Thursday

Crude oil prices could be on track to hit $100 and even $120 per barrel, which calls for aggressive buying moves into the oil market now according to fund manager Cole Smead

The UAE got a huge concession from OPEC in the form of an upward revision of its quota last month while Saudi Arabia has committed to extra deep production cuts

The members of the OPEC+ group saw their collective oil production slump to the lowest level in nearly two years in July after Saudi Arabia began its unilateral output cut of 1 million barrels per day

A third survey has come in showing that OPEC’s production dipped even more than earlier estimates, according to Argus, which showed that production fell in July by more than 1 million bpd

In order to generate extra income besides the OPEC+ output cuts, Saudi Arabia is selling its excess inventories from the Partitioned Neutral Zone it shares with Kuwait

OPEC’s crude oil production fell in July by the largest amount in years, according to a new Bloomberg survey.

The unilateral production cut presented by Saudi Energy Minister Prince Abdulaziz bin Salman, which was extended during the recent OPEC+ meeting, is now showing negative consequences

(Reuters) -Oil prices slipped in Asian trade on Friday but were on track for a fifth straight week of gains following strong economic data in the U.S., and on speculation over Chinese stimulus measures and OPEC+ output cuts. Brent crude fell 42 cents, or 0.5%, to $83.82 a barrel by 0404 GMT, but was on track for a weekly 3.5% increase. U.S. West Texas Intermediate (WTI) crude fell 34 cents, or 0.4%, to $79.75 a barrel, but were heading for a 3.6% weekly increase.

Investors are finding oil and other risk assets increasingly attractive, as interest rate hikes are either at their peak or nearing it and this is directly reflected in this week’s price rally