Saudi Arabia says OPEC+ cuts could continue after March if necessary
The oil production cuts by OPEC+ can “absolutely” continue beyond the first quarter of 2024 if necessary, said Saudi Energy Minister, Prince Abdulaziz bin Salman
The oil production cuts by OPEC+ can “absolutely” continue beyond the first quarter of 2024 if necessary, said Saudi Energy Minister, Prince Abdulaziz bin Salman
OPEC+ members reached an agreement to voluntarily cut their oil production by around 2.2 million barrels per day (bpd) at the beginning of next year, led by Saudi Arabia, which will extend its current voluntary reduction
The OPEC share in Indian oil imports in October reached a 10-month high as refineries purchased more crude from Saudi Arabia and the United Arab Emirates after discounts were reduced for Russian crude that month, according to trade data
Crude exports from the world’s largest oil exporter fell to 6.01 million barrels per day (bpd) in July, down about 11.6% from the previous month’s 6.8 million bpd and the lowest since June 2021
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility
According to the report, OPEC expects that global oil demand will rise by 2.25 million barrels per day in 2024, compared to the growth of 2.44 million bpd in 2023
Saudi Arabia and Russia agreed to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices
The Organization of the Petroleum Exporting Countries has pumped 27.56 million barrels per day (bpd) this month, up 220,000 bpd from July
Barclays raised its Brent price forecast for 2024 by $8 per barrel to $97 a barrel as it expects market balances to tighten further next year
Goldman Sachs sees less of a downside risk to oil prices from higher-than-expected inventories, noting that lower OECD commercial stocks could add US$2 to its end-2023 Brent outlook of US$86 per barrel