Opec Oil Cuts

Opec+ nations delay planned increase in output. Here's how it works

The oil producer group on Thursday pushed back the start of oil output rises by three months until April 2025

Opec+ agrees to delay oil hike plans until April, extends cuts into 2026

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+ production cuts may support oil prices in near term: Goldman Sachs

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

How to trade Brent crude oil today; Mohammed Imran of Sharekhan decodes

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

Russian oil output broadly stable in Oct at 9.01 mn barrels per day: Opec

This was slightly above the quota agreed by the Opec+ group of leading oil producers, which includes Opec and allies such as Russia

Oil strategy, Nov 5: How to trade crude oil as Opec+ delays production hike

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

Want Opec+ to raise oil output to meet demand, says oil secretary

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

Oil limps into 2024 as Opec+ and war fail to prevent annual drop: Report

Brent crude edged higher toward $78 a barrel Friday, but is set to close 2023 about $8 below where it started the year

Russia to deepen oil export cuts in Dec by at least 50,000 barrels per day

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

Oil prices slip, Brent falls toward $80/barrel ahead of Opec+ meeting

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%

Opec+ output cuts may add to surging oil prices, IEA sees record high rates

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

Crude Oil rallies as OPEC+ cuts output; Trend reversal unlikely hint charts

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 says US sought 1 month delay of OPEC+ production cuts

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 says US sought a month delay of OPEC+ oil cut decision

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

OPEC+ production cut ahead of winter puts India on a slippery slope

A higher than expected production cut by the group will add to the strain on government finances

Oil heads for weekly gain after OPEC+ cut despite economy headwinds

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

TMS Ep276: OPEC production cuts, Indian pharma exports, stocks, USB-C ports

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

Goldman raises oil price forecasts on 'very bullish' OPEC-plus cuts

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

Global stock markets advance after strong US hiring, OPEC oil cuts

Global stock markets advanced on Thursday after strong US hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC group of oil exporters agreed to output cuts to shore up prices. London, Frankfurt and Tokyo gained. Hong Kong declined. Mainland Chinese markets were closed for a holiday. Oil prices rose. The euro edged higher but stayed below USD 1. Wall Street futures edged lower after US stocks fell on Wednesday following a report by payroll processor ADP that employers added 208,000 jobs in September. That showed parts of the economy are still strong, giving ammunition to Fed officials who say more rate hikes are needed to cool inflation that is at a four-decade high. The economy is too strong for the Fed to pivot. The strong start to October is over, said Edward Moya of Oanda in a report. In early trading, London's FTSE 100 was up less than 0.1 per cent at 7,059.11. The DAX in Frankfurt gained 0.7 per cent to 12,610.37 and the CAC 40 i

Oil set for weekly gain as dollar weakens, OPEC+ considers output cut

Brent crude futures for November, which expire on Friday, rose by 95 cents, or 1.07%, to $89.44 a barrel by 0948 GMT. The more active December contract was up 81 cents at $87.99