2022-11-25 10:55:00
OPEC BALANCES THE MARKET
OGME - November 23, 2022 - OPEC producers UAE and Saudi Arabia have denied a media report that suggested OPEC+ members are planning on increasing crude production by 500,000 barrels per day ahead of their next meeting on December 4.
Saudi Press Agency said on Monday said that Saudi Energy Minister Prince Abdulaziz bin Salman “categorically denies” the report.
“It is well known, and no secret, that OPEC+ does not discuss any decisions ahead of its meetings,” SPA quoted Prince Abdulaziz as saying.
“The current cut of two million barrels per day by Opec+ continues until the end of 2023 and if there is a need to take further measures by reducing production to balance supply and demand, we always remain ready to intervene,” he said.
The UAE Energy and Infrastructure Minister Suhail bin Mohammed Faraj Faris Al Mazrouei also denied the report, stressing that the UAE is not engaging in any discussion with other OPEC+ members to change their latest agreement and said that the agreed deal is valid until the end of 2023.
“We remain committed to OPEC+ aim to balance the oil market and will support any decision to achieve that goal,” Al Mazrouei said in a Twitter post.
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Earlier:
2022, November, 23, 10:40:00
OIL PRICE: BRENT BELOW $89, WTI NEAR $81
Brent dropped 15 cents, or 0.2%, to $88.21 a barrel, WTI lost 9 cents, or 0.1%, to $80.86 a barrel.
2022, November, 21, 11:25:00
OIL PRICE: BRENT NEAR $87, WTI NEAR $80
Brent had slipped 74 cents, or 0.8%, to $86.88 a barrel, WTI were at $79.40 a barrel, down 68 cents or 0.9%.
2022, November, 21, 11:20:00
RUSSIAN ENERGY FOR CHINA $60 BLN
Oil imports from Russia rose 16% to 7.72 million tons last month, a volume topped only by Saudi Arabia, according to Chinese customs data.
2022, November, 18, 11:25:00
OIL PRICE: BRENT NEAR $89, WTI NEAR $82
Brent had edged lower by 13 cents or 0.1% to $89.65 a barrel, WTI rose 13 cents, or 0.2%, to $81.77 a barrel.
2022, November, 16, 10:55:00
RUSSIAN OIL FOR INDIA UP
From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's imports rose to 4.24 million mt, or nearly 1 million b/d, in October, taking a 21% share comparable to that of Iraq and higher than Saudi Arabia's share of around 15% in the country's import basket in the same month,
2022, November, 7, 12:05:00
OPEC MARKET DECISIONS
OPEC and non-OPEC allies — generally referred to as OPEC+ — agreed at this week’s meeting in Vienna to reduce production by 2 million BPD from November levels.
2022, October, 6, 13:20:00
OPEC + RUSSIA DOWN 2 MBD
Adjust downward the overall production by 2 mb/d from the August 2022 required production levels, starting November 2022 for OPEC and non-OPEC Participating Countries
