oil production cuts - Garner Ted Armstrong Evangelistic Association

Putin, Saudi leader urge oil cooperation as prices flag

AFP — Fri, 08 Dec 2023 02:41:40 +0000

The leaders of Saudi Arabia and Russia used a rare face-to-face meeting to urge oil producers to stick to pledged supply cuts, a joint statement said Thursday.

Russian President Vladimir Putin‘s trip to the Saudi capital a day earlier came as oil prices continued to slide, with US oil finishing below $70 per barrel for the first time since July.

Analysts have begun to consider the possibility that Saudi Arabia could abruptly decide to open the spigots, recalling a move by the kingdom in 2014 to counter rising US production.

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Source: https://news.yahoo.com/putin-saudi-leader-urge-oil-132415856.html

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Oil prices rise after Saudi Arabia, Russia extend output cuts

Jack Dutton | Al-Monitor — Mon, 06 Nov 2023 19:31:46 +0000

The Kingdom has maintained its oil output cut of 1 million barrels per day since July in an attempt to stabilize the market and prop up prices amid weakened demand.

Brent crude rose 1% on Monday morning after top oil exporters Saudi Arabia and Russia confirmed that they would continue with their voluntary output cuts until the end of the year, in a move to further tighten supply amid dampened demand.

Industry benchmark Brent crude was $85.66 at 9 a.m. Eastern Time, while West Texas Intermediate crude was also up 1% at $81.33. On Sunday, the two largest producers of the Organization of Petroleum Producing Countries and 10 other allied exporters known as OPEC+, said they would maintain their reduced output.

Saudi Arabia confirmed it would continue its voluntary oil cut of 1 million bpd, meaning the kingdom will have a daily production of around 9 million bpd for December, the Energy Ministry said in a statement.

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Surprise move: Opec+ announces deep production cuts to stabilise crude markets

Nishant Ugal | Upstream — Mon, 03 Apr 2023 21:53:53 +0000

Saudi Arabia, the United Arab Emirates and other key oil-producing members of the wider Opec+ alliance have announced surprise production cuts totalling more than 1.1 million barrels per day, declaring their intention is to stabilise crude markets.

Several nations, led by Opec kingpin Saudi Arabia, on Sunday made a coordinated move to further curtail oil production, aiming to reverse the recent decline in oil prices.

Vandana Hari, founder of Vanda Insights, a Singapore-based global energy market intelligence provider said the announcement had brought a “knee-jerk reaction” to oil markets.

“Brent futures spiked by more than 8% at Monday’s (opening) on the back of Sunday’s surprise Opec+ cuts… but calmed down to 5.5% in a few hours,” she noted.

Hari cautioned that the move by the Opec+ members comes at a time when central banks attempt to control “stubbornly high” inflation is posing a risk of global recession.

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Source: https://www.upstreamonline.com/politics/surprise-move-opec-announces-deep-production-cuts-to-stabilise-crude-markets/2-1-1429951

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The post Surprise move: Opec+ announces deep production cuts to stabilise crude markets first appeared on Garner Ted Armstrong Evangelistic Association.