Eight members of the OPEC+ group of oil-producing nations said on Sunday they were extending supply cuts until the end of December. The move is aimed at boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent US presidential election, though analysts predict a limited impact.

OPEC+ extends oil supply cuts until December to boost prices amid global demand concerns

OPEC+ confirmed on Sunday that it will prolong its significant oil supply cutbacks well into 2025. The decision comes as a coalition of oil-producing nations seeks to stabilise the market in the face of slow demand growth, rising interest rates, and increased competition from US producers.

OPEC+ extends deep oil output cuts into 2025 amid market uncertainties

Let's look at Russia's crude exports data ahead of the virtual OPEC+ meeting on Sunday. Russia's four-week average oil exports fell for a third consecutive week, with shipments reaching a two-month low.

Russia's crude exports drop comes ahead of OPEC+ meeting

Next month's OPEC+ policy meeting will now be online. Some delegates expect the group to extend its supply cuts into the second half of the year. Watch in for more details!

OPEC to extend supply cuts into the second half of 2024

OPEC+, the group of 22-nation oil producing countries, is facing a dilemma. How much oil is too much oil? This question signifies the group's efforts to stabilise the oil market amid the geopolitical uncertainties.

Several OPEC members seek level upgrade to pump more oil in 2025

In a bid to strengthen the oil market against concerns over global growth and escalating output from non-member countries, OPEC+ members, led by Saudi Arabia and Russia, have agreed to prolong voluntary oil output cuts into the second quarter of the year.

OPEC+ extends oil output cuts amid global growth concerns: Report

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. OPEC+ extends oil output cuts amid global growth concerns: Report In a bid to strengthen the oil market against concerns over global growth and escalating output from non-member countries, OPEC+ members, led by Saudi Arabia and Russia, have agreed to prolong voluntary oil output cuts into the second quarter of the year.

WION Business Wrap | OPEC+ extends oil output cuts, Nikkei 225 surpasses 40,000 mark and more

The OPEC+ cartel has agreed to cut oil production by a further 1 million barrels per day (BPD) for early next year, with Saudi Arabia also announcing voluntary cuts of a similar amount, in a move that would likely drive up the oil prices across the world.

OPEC+ announces significant oil production cuts

Brazil on Thursday (Nov 30) confirmed that it will be joining the OPEC+ group of oil-producing countries in January 2024 after the technical analysis of the charter to enter into a cooperation is completed, said the country's Mines and Energy Minister Alexandre Silveira, although there is no clarity on the nature of Brazil's participation.

Brazil confirms joining OPEC+ from next year, minister says 'all set'

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war.

Return to 1970s? Saudi-led OPEC+ deliberating further oil cuts amid Israel-Hamas war, says report

Amidst a struggling oil market, Saudi Arabia and Russia, the world's leading oil producers, have intensified their focus on achieving market stability while positioning themselves to spearhead initiatives that can provide much-needed support to the flagging oil market.

Saudi Arabia says cooperation with Russia over oil 'going strong'

OPEC and its allies began two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut.

OPEC+ begins meetings, likely to opt for further oil output cut amid flagging prices

At a time when countries were already grappling with high oil prices, the OPEC+ announced fresh cuts in its oil production. The U.S. says the world needs lower prices to support economic growth. We ask, the world needs it? Or the west does?

Surprise new cuts in oil production by OPEC+ | The West Asia Post

Oil prices are up today by one percent. This comes after OPEC+ yesterday denounced price cap imposed by EU, G7 and Australia on machine oil. Moscow is now trying to cover up the loss from sales of its crude oil.

World Business Watch: OPEC+, Russia meet ahead of fresh sanctions on Russian oil

The OPEC+ oil cartel decided at a meeting on Sunday (December 4) to maintain their current crude output levels as they haven't changed their targets for shipping oil to the global economy.

OPEC+ agrees to stick to its oil output targets amid market uncertainties, energy crisis

Saudi Arabia has refuted a report that oil producers were considering raising output after an oil production cut last month. According to a Wall Street Journal report from Monday, Saudi Arabia, which co-chairs OPEC+ with Russia and other countries, was mulling an "increase of up to 500,000 barrels" per day.

Is OPEC+ mulling an oil production increase? Saudi says previous cut will stay in place till end of 2023

After a Saudi Arabian intelligence report hinted at an imminent attack from Iran, the United States has expressed its concern and has said that it will not hesitate to respond if necessary.

US concerned about imminent Iranian attack on Saudi, says 'will not hesitate to act in defence'

Amid the ongoing Russia-Ukraine war, which led to a massive fuel crisis, the energy minister for the United Arab Emirates stated on Monday (October 31) that OPEC+ is committed to supplying the world with the oil it requires.

'Only a phone call away': UAE asserts OPEC+ keen on supplying world with oil it needs

Saudi King Salman bin Abdulaziz stated on Sunday that his country was working hard to ensure stability and balance in the oil market, including through establishing and maintaining the OPEC+ alliance's recent contentious agreement.

With US-Saudi at loggerheads over OPEC+ oil cut, King Salman says 'working to support stability of markets'

President Joe Biden pledged on Tuesday "there will be consequences" for US relations with Saudi Arabia after OPEC+ announced last week that it would cut its oil production.

US President Joe Biden vows consequences for Saudi Arabia after OPEC+ decision

Joe Biden has promised to punish Saudi Arabia over the decision of OPEC+ to cut oil output. The US President has said that Riyadh will face 'consequences'. Will Washington freeze arms sale to Saudi Arabia? Listen in to Priyanka Sharma.

Gravitas: Biden promises 'consequences' for Saudi Arabia following decision to cut oil production

United States Democrats are reacting sharply to the OPEC+ decision to cut oil production by two million barrels of oil per day starting next month. Calling to re-examine ties with key oil producer Saudi Arabia, the Democrats, as per the Guardian, even issued a fresh ultimatum to the Kingdom, giving it weeks to reverse the decision to reduce oil production, and even threatened it with a potential one-year freeze on all arms sales.

US Democrats ask Saudi Arabia to rollback OPEC+ oil output cut decision, warn of action

US President Joe Biden has vowed 'consequences' for Saudi Arabia after last week the OPEC+ led Riyadh announced that they would cut oil production despite Washington's strong objections.

US President Biden vows 'consequences' for Saudi Arabia over OPEC oil output cut

The OPEC+ group agreed to cut production, by 2 million barrels per day, the biggest slash in production since the beginning of the COVID-19 pandemic in 2020.

World Business Watch: OPEC+ will cut production by 2 million barrels a day

opec-0

Opec+, News on Opec+, stories on Opec+, articles on Opec+, Opec+ stories at Wion, Opec+ news, Opec+ latest news

opec 0