Opec Output Cut

Opec+ delays online meet on oil production, supply curbs to Dec 5

The group is set to discuss whether to proceed with reviving supplies, beginning with an increase of 180,000 barrels a day in January

Opec+ may agree to delay October oil output hike for two months: Report

The news lifted oil prices by over $1 a barrel, with Brent futures trading over $74 before paring gains. It fell to its lowest this year on Wednesday

Oil prices up on prospect of Opec+ holding cuts, weaker US dollar

For the online meeting of OPEC+ oil producers coming up on Sunday, traders and analysts are predicting 2.2 million barrels per day of voluntary production cuts to stay in place

Oil gains on expectations for higher demand as Middle East concerns rise

Opec's output fell last month by 50,000 bpd, indicating the voluntary cuts are having some effect

Oil prices steadies after expected Opec+ voluntary output cut extension

Brent futures were up 19 cents to $83.74 a barrel at 1422 GMT after rising 2.4% last week. U.S. West Texas Intermediate (WTI) rose 6 cents to $80.03 a barrel following a 4.6% gain last week

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

Opec+ ministers meet to discuss additional oil output cuts for next year

The size of potential additional cuts have not been decided yet, but two delegates said they ranged from 1 million to 2 million barrels per day (bpd) for the first quarter of 2024

Oil slips 1% to $81.11 a barrel on growing angst over delayed OPEC+ meeting

Producers - mainly a trio of African countries - were struggling to agree on output levels and hence possible reductions ahead of the meeting originally set for Nov. 26, OPEC+ sources said

Oil tumbles 4% as Opec+ meeting on output cut 'unexpectedly' delayed

Opec+ delayed its ministerial meeting to Nov 30 from Nov 26 as previously scheduled, Opec said in a statement, a surprise development that gave no reason for the postponement

Brent crude futures climb over 2% to gain $2 amid Opec production cuts

The front-month December WTI contract expires later on Monday. The more active January futures gained $1.79 to $77.83

Saudi Arabia is slashing oil supply, higher gas prices for US drivers

Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year. Calling the reduction a lollipop, Saudi Energy Minister Abdulaziz bin Salman said at a news conference that we wanted to ice the cake. He said the cut could be extended and that the group will do whatever is necessary to bring stability to this market. The new cut would likely push up oil prices in the short term, but the impact after that would depend on whether Saudi Arabia decides to extend it, said Jorge Leon, senior vice president of oil markets research at Rystad Energy. The move provides a price floor because the Saudis can play with the voluntary cut as mu

OPEC+ output cut may cause higher prices, push up India's import bill: IEA

The International Energy Agency (IEA) on Tuesday termed the decision of OPEC+ to cut oil production as "risky for the global economy", saying it may push up already high prices, leading to higher import bills for nations like India. Global oil markets were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge, said Fatih Birol, head of the Paris-based energy watchdog. Talking to reporters after a bilateral meeting with India's Commerce and Industry Minister Piyush Goyal here, he said, "The cut of the additional production would mean that we have all the reasons to believe that there could be an upward pressure on the prices". "At this juncture of time when the global economy is still very fragile and many emerging countries have difficulties with economic performance, I found this decision risky for the global economy," he noted. Asked if oil prices could go past USD 100 per barrel again, he said, "I think we are all the da

Statsguru: Six charts show higher crude prices tend to push up inflation

The quantity of crude that India imported was 6 per cent lower in 2021-22 at 212 million tonnes compared to 2018-19

Oil price stable as markets weigh OPEC+ surprise cuts amid demand woes

The latest pledges bring the total volume of cuts by Opec+ to 3.66 million bpd, including a 2 million barrel cut last October, equal to about 3.7 per cent of global demand

Oil leaps 6% as Opec+ shocks markets with plans to cut output target

Oil benchmarks jumped 6% on Monday, the day after the OPEC+ group jolted markets with plans to cut more production, raising fears of tightening supplies

Rupee weakens against dollar after OPEC+ supply cut, recovers later

According to a UBS India report, the rupee is likely to strengthen as the current account gap is expected to narrow in FY24

US buying 3 mn barrels of oil to start replenishing reserves amid OPEC cuts

The Biden administration said Friday it is buying 3 million barrels of oil to begin to replenish U.S. strategic reserves that officials drained earlier this year in a bid to stop gasoline prices from rising amid production cuts by OPEC and a ban on Russian oil imports. President Joe Biden withdrew 180 million barrels from the Strategic Petroleum Reserve starting in March, bringing the stockpile to its lowest level since the 1980s. The purchase, to begin in January, will start to replenish the reserve and is likely to be followed by additional purchases, officials said. The Energy Department called the purchase "a good deal for American taxpayers'' since the price will be lower than the $96 per barrel average the U.S. oil was sold for. The replenishment also will strengthen U.S. energy security, the department said in a statement. The purchase price was not announced, but benchmark West Texas Intermediate crude oil was selling at $74.50 per barrel late Friday. Gasoline prices, ...

Saudi, UAE back OPEC cuts as US envoy warns of 'economic uncertainty'

Saudi Arabia and the United Arab Emirates defended on Monday a decision by OPEC and its allies to cut oil production, even as an American envoy warned of economic uncertainty ahead for the world. While cordial, the comments at the Abu Dhabi International Petroleum Exhibition and Conference showed the stark divide between the United States and Gulf Arab countries it supports militarily in the wider Middle East. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, hinted at that in brief remarks to the event, noting that upcoming UN climate change summits will be held in Egypt and the United Arab Emirates. We don't owe it to anybody but us, the prince said to applause. Emirati Energy Minister Suhail al-Mazrouei echoed that defence. While saying that OPEC and its allies are "only a phone call away if the requirements are there to raise production, he offered no suggestion such a boost would be on its way anytime soon. I can assure you that we in the United Arab Emirates, as w

Oil steadies as rate hike talk offsets China demand hopes, output cuts

To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep raising its short-term rate target, Federal Reserve Bank of Philadelphia President Patrick Harker said

India pushes oil refiners to diversify imports after surprise OPEC+ cuts

As the world's third largest consumer and importer of oil, India buys about 85% of its needs from overseas, while its energy demands are set to rise to power its economic expansion