Oil soars as OPEC+ mulls largest output cut since 2020
2 years, 3 months ago

Oil soars as OPEC+ mulls largest output cut since 2020

Al Jazeera  

The Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, significantly halted oil production at the start of the coronavirus pandemic as economies came to a standstill. Oil prices jumped $3 a barrel on Monday as OPEC+ considered reducing output by more than one million barrels per day to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Oil prices have declined for four straight months since June, as COVID-19 lockdowns in top energy consumer China hurt demand while rising interest rates and a surging United States dollar weighed on global financial markets. OPEC+ missed its production targets by nearly three million bpd in July, two sources from the producer group said, as sanctions on some members and low investment by others stymied its ability to raise output. Goldman Sachs said it believes the OPEC+ supply cut could help remedy the large exodus of oil investors that has left prices underperforming fundamentals.

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History of this topic

Oil sheds 3% in 5 days on US Fed rate cut outlook, weak Chinese demand; Brent slips below $73/bbl
2 weeks, 5 days ago

Oil sheds 3% in 5 days on US Fed rate cut outlook, weak Chinese demand; Brent slips below $73/bbl

Live Mint  

International crude oil prices settled little changed in the previous session after markets weighed weak Chinese demand and fewer interest rate-cut expectations by the US Federal Reserve after recent prints of US inflation. -The US dollar retreated from a two-year high but was heading for a third consecutive week of gains after data showed cooling US inflation two days after …

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting
Trending News
1 month ago

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting

Firstpost  

OPEC+ members are holding back 5.86 million barrels per day of output, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market OPEC+ will delay its plan to raise oil output, currently set to start in January, during its online meeting on Thursday, an OPEC+ source told Reuters, to provide additional support …

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline
1 month ago

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The OPEC+ alliance of oil …

Key members of OPEC+ alliance are putting off production increases amid slack crude prices
1 month ago

Key members of OPEC+ alliance are putting off production increases amid slack crude prices

Associated Press  

FRANKFURT, Germany — Eight members of the OPEC+ alliance of oil exporting countries decided Thursday to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year. Oil prices have been slack due to weaker than expected demand from China as well …

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
1 month ago

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight

Live Mint  

-- Oil steadied after a decline, with traders looking ahead to an OPEC meeting on Thursday that’s expected to see the cartel again defer a move to revive output in an already well-supplied market. While commercial stockpiles shrank more than 5 million barrels for the biggest weekly drop since August, nationwide oil production hit a record in a reminder of …

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts
1 month, 1 week ago

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts

Live Mint  

International crude oil prices edged lower in the previous session to log a weekly decline of more than three per cent, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as the Organisation of Petroleum Exporting Countries and its allies is expected to extend output cuts. According to news …

OPEC Has Little Room to Revive Oil Supply, Iran Official Says
1 month, 2 weeks ago

OPEC Has Little Room to Revive Oil Supply, Iran Official Says

Live Mint  

-- OPEC has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the US shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US,” Iranian OPEC governor Afshin Javan said of the curbs …

Russian deputy PM says global oil market will be balanced from second half of 2024
5 months, 3 weeks ago

Russian deputy PM says global oil market will be balanced from second half of 2024

The Hindu  

Russian Deputy Prime Minister Alexander Novak said on Monday the global oil market will be balanced in the second half of the year and thereafter, thanks to the OPEC+ deal on production supply. OPEC+, which groups the Organization of the Petroleum Exporting countries and allies such as Russia, has implemented a series of output cuts since late 2022 to support …

OPEC still sees strengthening oil demand in emerging markets, plans supply hike
6 months, 4 weeks ago

OPEC still sees strengthening oil demand in emerging markets, plans supply hike

Hindustan Times  

OPEC has maintained its forecast that oil demand worldwide is strengthening for the second half of the year, due to which, supply would be hiked, Bloomberg reported. Representational World oil consumption will see a year-on-year increase of 2.3 million barrels a day in the second half, about 150,000 a day more than during the first, due to continued economic growth …

Oil producers, OPEC+, led by Saudis extended supply cuts amid slack prices
7 months, 1 week ago

Oil producers, OPEC+, led by Saudis extended supply cuts amid slack prices

India TV News  

Dubai: OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025, exceeding expectations, as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production. On Sunday, OPEC+ agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025 …

Oil producers led by Saudis extended supply cuts amid slack prices
7 months, 1 week ago

Oil producers led by Saudis extended supply cuts amid slack prices

Associated Press  

FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven’t risen even amid turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, extended …

Opec cartel to extend cuts to oil output in bid to prop up prices
7 months, 1 week ago

Opec cartel to extend cuts to oil output in bid to prop up prices

The Telegraph  

Saudi Arabia and Russia have led members of the Opec cartel in extending deep production cuts to oil output into 2025, in a fresh bid to prop up prices in the face of US competition. The move will put upward pressure on oil prices, with Brent crude currently trading at around $81 per barrel, at a time when unexpectedly high …

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast
8 months, 4 weeks ago

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but lowered its forecast for non-OPEC supply growth for this year and next. The group cut its non-OPEC supply growth forecast to 1 million barrels a day for 2024 from 1.1 million barrels a day previously, saying the main drivers of growth are expected to …

OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants
10 months ago

OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants

Associated Press  

NEW YORK — Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024’s second quarter. Despite the recent increase, Brent’s going price is still modest — …

Higher global oil supply set to satisfy demand increase, IEA says
10 months, 3 weeks ago

Higher global oil supply set to satisfy demand increase, IEA says

Live Mint  

Global oil demand is expected to grow at a significantly weaker pace this year, while soaring output from the Americas will help boost supply despite output curbs from OPEC and its allies, the International Energy Agency said. On Wednesday, the Organization of the Petroleum Exporting Countries reiterated that it anticipates global oil-demand growth at 2.2 million barrels a day this …

Putin and Saudis plead with Opec allies to press ahead with oil supply cuts
1 year, 1 month ago

Putin and Saudis plead with Opec allies to press ahead with oil supply cuts

The Telegraph  

Vladimir Putin and the leader of Saudi Arabia have urged members of the Opec+ oil cartel to follow through with an agreement to cut supplies as oil prices plunge. The joint statement read: “In the field of energy, the two sides commended the close cooperation between them and the successful efforts of the Opec+ countries in enhancing the stability of …

Oil down 2%, posts weekly loss as investors see limited effect of OPEC+ cuts
1 year, 1 month ago

Oil down 2%, posts weekly loss as investors see limited effect of OPEC+ cuts

Live Mint  

Oil prices declined more than 2 per cent in the previous session as investors remained cautious over the depth of supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies. Back home, on the Multi Commodity Exchange, crude oil futures due for a December 18 expiry, settled lower by 0.8 per cent at ₹6,231 per bbl, having …

Some OPEC+ members will cut the oil that they send to the world to try to boost prices
1 year, 1 month ago

Some OPEC+ members will cut the oil that they send to the world to try to boost prices

Associated Press  

LONDON — The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Thursday, expanding some output cuts into next year and bringing up-and-coming oil supplier Brazil into the fold. But it’s bad news for OPEC+ countries whose oil income bolsters their economies and who have faced setbacks …

An unruly OPEC is causing problems for Russia and Saudi Arabia
1 year, 1 month ago

An unruly OPEC is causing problems for Russia and Saudi Arabia

Live Mint  

The November meeting of the Organisation of the Petroleum Exporting Countries and its partners was meant to be a staid affair. After acquiescing to lower output quotas at their previous meeting in June, Opec+’s west African members were unhappy to learn that Russia and Saudi Arabia, the bloc’s de facto leaders, wanted to further curtail output. Saudi Arabia and Russia …

OPEC+ agrees voluntary oil production cuts
1 year, 1 month ago

OPEC+ agrees voluntary oil production cuts

Al Jazeera  

Saudi Arabia, Russia and other members of OPEC+ agreed to voluntary output cuts for the first quarter of 2024. OPEC+ producers have agreed to voluntary oil output cuts for the first quarter next year in an attempt to boost the market, but crude prices fell after the move. Saudi Arabia, Russia and other members of OPEC+, who pump more than …

Oil price climbs as Saudi-led cartel agrees to cut production
1 year, 1 month ago

Oil price climbs as Saudi-led cartel agrees to cut production

The Telegraph  

The price of crude oil fell after a cartel of oil-producing nations led by Saudi Arabia surprised the market by issuing a statement that failed to include an expected pledge to cut production by another million barrels per day. The online gathering of producers aimed to prop up the declining price of oil and has ended with an agreement to …

OPEC+ to announce oil output policy decision on November 30: What’s on agenda?
1 year, 1 month ago

OPEC+ to announce oil output policy decision on November 30: What’s on agenda?

Live Mint  

The Organization of the Petroleum Exporting Countries and allies including Russia or OPEC+ will hold its ministerial meeting on Thursday, November 30 to announce the oil output supply decision for 2024. Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5 million barrels per day, about 5 per cent of daily global …

From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more
1 year, 1 month ago

From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more

Live Mint  

Crude oil benchmark Brent futures has moved sideways in the last one year - between November 2022 to November 2023, majorly due to the supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies as well as the Israel-Hamas war. The shock cut, led by Saudi Arabia, immediately drove crude oil prices 8 per cent higher to …

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns
1 year, 2 months ago

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns

Live Mint  

OPEC stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs of a resilient world economy so far this year and expected further demand gains in China. The Organisation of Petroleum Exporting Countries has stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs …

India tells OPEC it must be sensitive to needs of oil consuming nations
1 year, 3 months ago

India tells OPEC it must be sensitive to needs of oil consuming nations

Live Mint  

New Delhi: With oil prices on the boil, union petroleum and natural gas minister Hardeep Singh Puri has asked the Organisation of the Petroleum Exporting Countries to be sensitive to the needs of oil-consuming nations and curb output cuts. In another tweet, the minister wrote, "During the pandemic, when crude oil prices crashed, the world came together to stabilize the …

Saudi Arabia defends oil supply cuts as prices hit fresh high
1 year, 3 months ago

Saudi Arabia defends oil supply cuts as prices hit fresh high

The Telegraph  

Opec’s leader claims its massive oil production cuts are no different to the actions of central banks, as oil prices hit a fresh 10-month high. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman on Monday defended Opec+ cuts to global supply as the price of Brent crude approached $95 per barrel. Oil prices have surged by more than 30pc since …

OPEC cuts 2023 oil demand outlook to 29 mbpd, Saudi cut gives 3 mbpd shortfall
1 year, 3 months ago

OPEC cuts 2023 oil demand outlook to 29 mbpd, Saudi cut gives 3 mbpd shortfall

Live Mint  

The Organisation of Petroleum Exporting Countries, in its latest monthly oil market report for September, has revised down the global oil demand for 2023 by 1 lakh barrels per day to 29.2 million barrels per day - which is 8 lakh bpd higher than 2022. The report comes days after Saudi Arabia and Russia, two of the most prominent members …

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?
1 year, 4 months ago

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?

Live Mint  

Saudi Arabia will likely roll over the voluntary oil cut of 1 million barrels per day for a third consecutive month into October amid uncertainty about supplies and as the kingdom targets pulling down global inventories further, according to analysts quoted in a report by news agency Reuters. Brent oil prices in July were up 14 per cent on the …

Oil Prices Rise on Growing Chinese Demand and OPEC+ Supply Cuts
1 year, 6 months ago

Oil Prices Rise on Growing Chinese Demand and OPEC+ Supply Cuts

News 18  

Oil edged higher on Friday and was on course for a weekly gain, as higher Chinese demand and OPEC+ supply cuts lifted prices, despite expected weakness in the global economy and the prospect for further interest rate hikes. Russian Energy Minister Nikolai Shulginov said it was “realistic” to reach oil prices of around $80 per barrel, Russian state news agencies …

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction
1 year, 7 months ago

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction

News 18  

Oil prices eased on Tuesday as worries sluggish global economic growth could reduce energy demand outweighed Saudi Arabia’s pledge to deepen output cuts. Both crude benchmarks climbed higher for a third day in a row on Monday after Saudi Arabia, the world’s top exporter, said over the weekend that its output would drop by 1 million barrels per day to …

Oil Prices Rise 1 Percent on Saudi Plan to Deepen Output Cuts from July
1 year, 7 months ago

Oil Prices Rise 1 Percent on Saudi Plan to Deepen Output Cuts from July

News 18  

Oil prices rose by more than 1% on Monday after the world’s top exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day from July to counter macroeconomic headwinds that have depressed markets. Both contracts extended gains of more than 2% on Friday after the Saudi energy ministry said the kingdom’s output would drop to …

OPEC Plus will continue oil output cuts as prices remain unchanged
1 year, 7 months ago

OPEC Plus will continue oil output cuts as prices remain unchanged

India TV News  

The group of oil-producing countries resolved on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to The Hill. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC Plus, met on Sunday and resolved to prolong the oil output cutbacks under the leadership of Russia and Saudi Arabia. In April, Saudi …

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market
1 year, 7 months ago

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market

News 18  

Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession. – ‘No disagreement’ – Russia’s Deputy Prime Minister Alexander Novak said the current output cuts were being extended until the end of 2024 after examining the matter “for a long time”. Saudi Arabia, …

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices
1 year, 7 months ago

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices

The Hindu  

Saudi Arabia said on June 4 that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. “This is a grand day for us, because the quality …

Saudi Arabia announces fresh output cut to boost oil price
1 year, 7 months ago

Saudi Arabia announces fresh output cut to boost oil price

New Indian Express  

The announcement came following a meeting of the 13-member Organization of the Petroleum Exporting Countries headed by Saudi Arabia and its 10 partners, led by Russia. In April, several OPEC+ members agreed to cut production voluntarily by more than one million bpd -- a surprise move that briefly buttressed prices but failed to bring about lasting recovery. 'No disagreement' Russia's …

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices
1 year, 7 months ago

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices

LA Times  

Saudi Arabia said Sunday that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. “This is a grand day for us, because the quality of the …

OPEC+ begins meetings that may agree further output cuts
1 year, 7 months ago

OPEC+ begins meetings that may agree further output cuts

The Hindu  

OPEC and its allies began two days of meetings on June 3 that may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the group faces flagging oil prices and a looming supply glut. "This number is premature, we didn’t go into these things," Iraq's oil minister Hayan Abdel-Ghani said …

Oil heads for fourth weekly decline on demand growth concerns in US, China
1 year, 7 months ago

Oil heads for fourth weekly decline on demand growth concerns in US, China

Live Mint  

Oil prices declined on May 12, heading for a fourth weekly drop, as renewed economic concerns in the United States and China weighed on demand growth in the near-term, a potential trigger for greater volatility in oil markets. The US Federal Reserve may need to raise interest rates again in its next meeting as the inflation data so far has …

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories
1 year, 7 months ago

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories

Live Mint  

Oil prices dropped on May 10, ending a three-day rally as an unexpected rise in US oil inventories sparked demand concerns and markets saw cautious trading as investors' anxiety as they await inflation data. Surprise increase to US crude oil inventories US crude inventories rose by about 3.6 million barrels in the week ended May 5 while petrol stockpiles rose …

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data
1 year, 8 months ago

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data

Live Mint  

Oil prices edged lower on May 9, relinquishing some of the strong gains of the previous two sessions amid cautious trading ahead of US inflation data for April, which will be key to the Federal Reserve's next interest rate decision. The oil cartel last cut crude output in April with an aim to provide market stability, as per Saudi Arabia, …

Russia to stick to oil output cut of 500,000 bpd till end of 2023: Deputy PM
1 year, 8 months ago

Russia to stick to oil output cut of 500,000 bpd till end of 2023: Deputy PM

Live Mint  

Russia's Deputy Prime Minister Alexander Novak announced on May 4 that Russia is abiding by its voluntary pledge to cut oil output by 500,000 barrels per day from February until the end of the year. "Taking into account the unfounded speculation in the press regarding oil production levels, Russia reaffirms its full commitment to and implementation of voluntary oil production …

What do Opec+ production cuts mean for India?
1 year, 9 months ago

What do Opec+ production cuts mean for India?

Live Mint  

Last week, Opec+ countries announced a voluntary oil production cut by 1.16 million barrels per day. The strategy for changing production targets has to do with the crude oil price that the Opec+ countries aim for. Recent production cuts, totalling 3.7% of global demand, will raise the crude oil price per barrel, which had slumped in March with Brent crude …

Explained | Why have key oil producers vowed output cuts?
1 year, 9 months ago

Explained | Why have key oil producers vowed output cuts?

The Hindu  

The story so far: Major oil-producing countries including Saudi Arabia, Iraq, the United Arab Emirates, as well as Russia, have announced cuts in oil production that will start in May and last until the end of 2023. On April 3, the Organization of the Petroleum Exporting Countries, at its 48th meeting of the Joint Ministerial Monitoring Committee, acknowledged the crude …

Oil market surges on shock output cuts
1 year, 9 months ago

Oil market surges on shock output cuts

Firstpost  

London: World oil prices soared Monday after several top producers led by Saudi Arabia sprang surprise output cuts despite already angering the United States with a similar move last year. ‘Revive geopolitical tensions’ Sunday’s decision is “in reality” aimed at pushing prices higher but could have a political impact too, senior analyst Ipek Ozkardeskaya at Swissquote Bank said. Green said …

Oil producers’ cuts could boost gasoline prices, help Russia
1 year, 9 months ago

Oil producers’ cuts could boost gasoline prices, help Russia

Associated Press  

FRANKFURT, Germany — Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. The decision by oil producers, many of them in the OPEC oil cartel, to cut production by more than 1 million barrels a day comes after prices for international benchmark crude slumped amid a slowing global economy that needs less fuel for …

OPEC+ cuts put $100/bbl oil back in sight
1 year, 9 months ago

OPEC+ cuts put $100/bbl oil back in sight

Live Mint  

Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday. "The U.S. administration may also argue that higher oil prices will counter its efforts to put out the inflation fire," he added. "Producing …

Oil producers' cuts could boost gasoline prices, help Russia
1 year, 9 months ago

Oil producers' cuts could boost gasoline prices, help Russia

Firstpost  

Russia is joining in by extending its own cuts for the rest of the year. In theory, less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the US and Europe Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. In theory, less oil flowing to …

Oil Surges As OPEC+ Surprise Output Cuts Shake Markets
1 year, 9 months ago

Oil Surges As OPEC+ Surprise Output Cuts Shake Markets

News 18  

Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets. “It’s hard to buy the ‘pre-emptive’ and ‘precautionary’ reasoning – especially now, when the banking crisis had tailed off and Brent had crawled back up towards $80 from its 15-month lows earlier in March,” …

Oil’s Not Well: Why OPEC+ has cut oil production and how it could affect countries – Firstpost
1 year, 9 months ago

Oil’s Not Well: Why OPEC+ has cut oil production and how it could affect countries – Firstpost

Firstpost  

OPEC+, the group of oil producers led by Saudi Arabia, announced a cut of more than one million barrels per day from May until the end of the year. While it said the move was aimed at maintaining stability, many experts believe it is a sign of Riyadh’s independence from Washington Its Manic Monday in the oil markets a day …

Oil prices surge after OPEC’s surprise output cuts
1 year, 9 months ago

Oil prices surge after OPEC’s surprise output cuts

Al Jazeera  

Price jump comes after news oil producers will slash output by about 1.16 million barrels per day. Oil prices have surged after Saudi Arabia and other OPEC+ producers announced a surprise round of output cuts, a potentially ominous sign for global inflation just days after a slowdown in US price data had boosted market optimism. Brent oil futures jumped $4.30 …

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