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“The economy, despite the challenges, is still doing quite well,” OPEC Secretary-General Haitham Al-Ghais said at the Argus European Crude Conference in London on Tuesday. “We are positive on demand, we’re still quite robust on demand.”
This decision maintains the Kingdom’s production at approximately 9 million barrels per day for the month of December 2023, an official statement from the Ministry of Energy read.
Despite OPEC's efforts to elevate oil prices, the US has surged in crude production, primarily driven by innovations in the Permian basin and shale expansion.
ALBAWABA – Despite the announced supply cuts from Russia and Saudi, Russian oil exports have climbed for a third week in a row, according to Bloomberg,
Russia’s oil exports climbed in the week to October 29, further undermining its pledge to cut supply by 300,000 barrels per day.