2023-12-06 06:50:00
OPEC+ CUTS 2.2 MBD
OPEC - 30 Nov 2023 - Several OPEC+ countries announce additional voluntary cuts to the total of 2.2 million barrels per day
The OPEC Secretariat noted the announcement of several OPEC+ countries of additional voluntary cuts to the total of 2.2 million barrels per day, aimed at supporting the stability and balance of oil markets.
These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024.
These additional voluntary cuts are announced by the following OPEC+ countries : Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024. Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions.
The above will be in addition to the announced voluntary cut by the Russian Federation of 500 thousand barrels per day for the same period (starting 1st of January until the end of March 2024), which will be made from the average export levels of the months of May and June of 2023, and will consist of 300 thousand barrels a day of crude oil and 200 thousand barrels per day of refined products.
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Earlier:
2023, November, 30, 07:00:00
OIL PRICE: BRENT NEAR $83, WTI NEAR $78
Brent fell 15 cents, or 0.2%, to $82.95 a barrel, WTI rose 12 cents, or 0.2%, at $77.98 a barrel.
2023, November, 27, 06:55:00
OPEC+ ONLINE MEETING
With global oil demand set to moderate in the first quarter of 2024, the OPEC+ alliance appears set to extend its production cuts, though the duration is yet to be determined, analysts say. As well, deeper cuts could be considered, some OPEC+ officials have hinted.
2023, November, 17, 06:50:00
OIL PRICES 2023-24: $90 - $93
The Brent crude oil price will increase from an average of $90 per barrel (b) in the fourth quarter of 2023 to an average of $93/b in 2024.
2023, October, 6, 06:55:00
ОПЕК+ БАЛАНСИРУЕТ РЫНОК
«Россия полностью выполнила условия сделки, она сократила добычу на 500 тыс. баррелей в сутки и на 300 тыс. баррелей в сутки – поставки на экспорт»,
2023, August, 11, 06:55:00
ОПЕК+: БОЛЕЕ 100%
Россия привержена договорённостям, которые достигнуты в рамках ОПЕК+. Мы исполняем свои обязательства в полном объёме. Добыча обеспечивается на уровне 9,5 млн баррелей нефти в сутки, что соответствует объёму добровольного сокращения в 500 тыс. баррелей в сутки.
2023, August, 11, 06:50:00
OPEC+: TO THE END OF 2024
The committee reaffirmed the commitment of its member countries to the DoC which extends to the end of 2024 as agreed in the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 4th of June 2023.
2023, July, 7, 06:53:00
OPEC+ STABILIZE MARKET
UAE energy minister Suhail al-Mazrouei said the voluntary OPEC+ cuts would bear fruit soon and blamed the current market malaise on the disconnect between physical and paper traders.
