The eight countries will also prolong their voluntary production cuts of 1.65 million bpd, first announced in April 2023, to the end of 2026. Oil ministers from the eight countries talked on the sidelines of a virtual OPEC+ ministerial meeting on Thursday. In a separate statement, OPEC said O...
VIENNA, June 2 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, decided to extend its current output cuts at least into the third quarter of this year to shore up oil prices. Following a virtual meeting of OPEC+ oil and ...
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, the OPEC statement read. In breakdown, Saudi Arabia, the de facto leader...
VIENNA, December 1, 2023 – OPEC+ members have agreed to oil production cuts totaling 2.2 million bopd for early 2024, the oil and gas organisation announced on Thursday.The cuts are being calculated from the 2024 required production levels decided at a meeting held in June 2023, and are in...
OPEC+ is likely at its meeting on Thursday to extend its latest round of oil output cuts until the end of the first quarter, four OPEC+ sources told Reuters, to provide additional support for the oil market. "Crude prices look well and truly stuck, with traders unwilling to engage ahead ...
The European Central Bank is widely projected to implement a long-awaited reduction during its meeting of June 6, even as inflation in the euro zone logged a recent annual bump to 2.6% in May, from 2.4% in April. Policy easing was also anticipated in the sho...
Inter-month spreads for the remainder of 2024 and through 2025 have all softened as traders anticipate increasing OPEC+ production will eliminate any threat of shortages or a fall in inventories. Following a hybrid meeting held in Riyadh and online, OPEC+ announced voluntary output cuts amounting...
LONDON/DUBAI (Reuters) -OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply. The decision comes two days after the Group ...
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Crude has support after a Sunday meeting between Iraq and oil companies operating in the Kurdistan region failed to reach an agreement on restarting crude exports due to a dispute over the role of an international consultant to oversee contracts, costs, and payments. The disagreement is delaying ...