In the 26th OPEC+ Ministerial Meeting (held on 2 March 2022), OPEC+ decided to increase the monthly overall production by 0.4 million barrels per day (mb/d) for April 2022. Accordingly, our OPEC+ policy index has experienced a notable nadir during this period. (5) In the 33rd OPEC+ ...
oil companies have been hesitant to invest as heavily as they previously did in US production, the Biden administration has mostly tried to head off the increasing price of oil by releasing up to 1 million barrels of oil per day from the US’s strategic petroleum reserve (SPR) since April....
The reductions will be taken from the quotas adopted at the last OPEC+ ministerial meeting in June. It will add to the voluntary output cuts announced by OPEC+ countries in April and will last until the end of 2024, OPEC said in a statement. Saudi Arabia, the de facto leader of OPEC, ...
A general view of oil drilling equipment on federal land near Fellows, California, U.S., April 15, 2023. Nichola Groom Oil prices rose on Thursday ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group would do next on supply cuts while also ...
OPEC+石油市场月报(2023年6月)-94页.doc HYPERLINK Organization of the Petroleum Exporting Countries HYPERLINK 13 June 2023 HYPERLINK Feature article: HYPERLINK World oil market prospects for the second half of 2023 HYPERLINK Oil market highlights iii HYPERLINK Feature article HYPERLINK Crude oil price mo...
This would not be without precedent. Saudi Arabia pledged its voluntary 1mn b/d cut, dubbed a "lollipop" by Saudi energy minister Prince Abdulaziz bin Salman, immediately after the June 2023 Opec+ meeting. By Nader Itayim, Bachar Halabi and Aydin Calik...
BYD Han EV sedan is on display during the Shanghai International Automobile Industry Exhibition on April 18, 2023 in Shanghai, China. Vcg | Visual China Group | Getty Images Chinese EV makers shares listed in Hong Kong fell in early trading on Monday. ...
consternation about some members'ongoing failure to meet production targets.The Joint Ministerial Monitoring Committee overseeing the group's production pact met Oct.2 but did not recommend any changes to current plans."No change and no recommendations,"one delegate said,describing the meeting as"...
Oil prices rose 2.2 per cent yesterday amid expectations that Opec will agree to extend curbs on production at its meeting this month. Brent crude, the international benchmark, was trading at $62.72 a barrel, reversing four consecutive days of losses. Separately, it emerged that the world’s ...
A case in point where the expectations of OPEC+ would be altered is when its share of world oil production declines, with new production coming from outside nations such as the United States and Canada. Note While oil market developments have repercussions throughout the economy, changes in ...