All articles tagged with #oil policy
The Economist argues that a Trump-brokered deal to restart Venezuela’s oil flow and funnel earnings into a US-controlled escrow is unlikely to succeed without democratic change. Sidelining opposition leader María Corina Machado risks reinforcing the kleptocratic regime, which remains Venezuela’s core obstacle even as production and storage rebound under sanctions.
OPEC+ is currently engaged in talks regarding their 2024 oil policy, and there is currently no expected delay to the scheduled meeting on Thursday, according to sources. The meeting was previously delayed due to a disagreement over output quotas for African producers, but this issue has largely been resolved. The talks come as global benchmark Brent crude oil prices have dropped, influenced by concerns about weaker economic growth and expectations of a supply surplus in 2024. OPEC+ has already committed to significant oil output cuts, including voluntary cuts by Saudi Arabia and export cuts by Russia.
OPEC+ talks on 2024 oil policy are proving difficult, with a rollover of the previous agreement being a possibility rather than deeper production cuts, according to four OPEC+ sources. The group is scheduled to meet online on Thursday to decide oil output levels for 2024, but a further delay is possible. While an additional cut is not actively being discussed, disagreements over output levels for African producers have caused previous delays. OPEC+ has already pledged total oil output cuts of about 5 million barrels per day, including Saudi Arabia's voluntary production cut of 1 million bpd and a Russian export cut of 300,000 bpd.
Saudi Arabia is taking a separate approach to OPEC's oil policy, signaling a potential shift in the organization's dynamics. The country's decision to chart its own path comes as it aims to increase its market share and adapt to changing global oil production dynamics. This move could have significant implications for the energy market and OPEC's influence in shaping oil policies.