The Organization of the Petroleum Exporting Countries pumped 26.46 million barrels per day last month, down 50,000 bpd from November
In a monthly report, OPEC said it expects 2024 global oil demand to rise by 1.61 million barrels per day (bpd), down from 1.82 million bpd last month
The oil producer group on Thursday pushed back the start of oil output rises by three months until April 2025
Opec+, which pumps about half the world's oil, had been planning to start unwinding cuts from Oct 2024 but a slowdown in global demand and rising output outside the group forced it to postpone plans
OPEC+, which includes members of the OPEC and allies such as Russia, is discussing a further delay to a planned oil output hike that was due to start in January
As North Korea may deploy as many as 100,000 troops to aid Russia's war on Ukraine, increasing the likelihood of North Korea becoming more directly involved in the conflict
This was slightly above the quota agreed by the Opec+ group of leading oil producers, which includes Opec and allies such as Russia
Crude oil price today: Sharekhan remains confident of oil prices heading lower towards $65 in Q1-2025, while in short term, prices could see WTI prices trading in broader range of $75-$66
The Organization of the Petroleum Exporting Countries (Opec) and allies, together called Opec+, last week agreed to delay a planned oil output increase for October
Brent crude edged higher toward $78 a barrel Friday, but is set to close 2023 about $8 below where it started the year
Saudi Arabia and Russia, the world's two biggest oil exporters, called in December for all OPEC+ members to join an agreement on output cuts after a fractious meeting of the producers' club
Brent crude futures fell 42 cents, or 0.5%, to $80.16 a barrel by 0901 GMT, while U.S. West Texas Intermediate crude futures were at $75.05 a barrel, down 49 cents, or 0.7%
Brent crude futures were up 22 cents, or 0.26%, to $86.31 per barrel at 1046 GMT. West Texas Intermediate crude futures (WTI) rose 21 cents, or 0.26%, to $82.37
On Monday, the MCX Crude Oil futures were seen trading above the 100-DMA for the first time in more than six months. Sustained trade above Rs 6,350 can help the trend turn favourable for Crude Oil.
Saudi Arabia said Thursday that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies including Russia to cut oil production by a month. Such a delay could have helped reduce the risk of a spike in gas prices ahead of the U.S. midterm elections next month. A statement issued by the Saudi Foreign Ministry didn't specifically mention the Nov. 8 elections in which U.S. President Joe Biden is trying to maintain his narrow Democratic majority in Congress. However, it stated that the U.S. suggested the cuts be delayed by a month. In the end, OPEC announced the cuts at its Oct. 5 meeting in Vienna. Holding off on cuts would have meant implementing them just before the Nov. 8 election at a time when they likely couldn't drastically influence prices at the pump. Rising oil prices and by extension higher gasoline prices have been a key driver of inflation in the U.S. and around the world, worsening global economic woes as Russia's months-long war on Ukraine also
Saudi Arabia said on Thursday that the US had urged the kingdom to postpone a decision by OPEC and its allies including Russia to cut oil production by a month which would have been just before the upcoming American midterm elections. A statement issued by the Saudi Foreign Ministry didn't specifically mention the elections, crucial to US President Joe Biden maintaining his Democratic Party's narrow majorities in Congress. However, it stated that the US suggested the cuts be delayed by a month as opposed to being implemented at OPEC's October 5 meeting in Vienna. A month delay would have put them just before the November 8 elections where they likely couldn't have drastically influenced prices at the pump. Rising oil prices and by extension higher gasoline prices have been a key driver of inflation in the US and around the world, worsening global economic woes as Russia's monthslong war on Ukraine also has disrupted global food supplies. For Biden, gasoline prices creeping up
A higher than expected production cut by the group will add to the strain on government finances
Brent crude was up 87 cents, or 0.9%, to $95.29 a barrel at 1110 GMT. U.S. West Texas Intermediate or WTI crude gained 98 cents, or 1.1%, to $89.43
How will OPEC production cuts affect India? Who is responsible for the quality of Indian pharma exports? Are consumption stocks a good bet now? What makes USB-C the best charging port? Answers here
If latest reduction in output by OPEC+ is sustained through Dec 2023, it would amount to $25 per barrel upside to their Brent forecast, Goldman Sachs said in a note