All articles tagged with #opec plus
Originally Published 5 months ago — by The New York Times
OPEC Plus, led by Saudi Arabia, announced an increase of 547,000 barrels per day in oil output starting September, reversing previous production cuts, despite forecasts of a potential oversupply and lower prices, as the group aims to support market fundamentals amid geopolitical tensions and strong refining demand.
Originally Published 6 months ago — by The New York Times
OPEC Plus has agreed to increase oil output by 548,000 barrels per day starting in August, a move driven by a steady global economic outlook, which could lead to lower oil prices as supply outpaces demand in the second half of 2025.
Originally Published 7 months ago — by The New York Times
OPEC Plus members, including Saudi Arabia and Russia, plan to accelerate oil production in July by 411,000 barrels per day, signaling a shift in policy to increase supply amid a steady global economic outlook and market conditions, partly influenced by U.S. political dynamics and efforts to lower oil prices.
Originally Published 2 years ago — by The Washington Post
The OPEC Plus coalition, led by Saudi Arabia and Russia, plans to implement an additional 1 million barrel cut to daily oil production, along with an extension of an existing cut of equal size. However, these cuts are voluntary and not part of a binding agreement, raising doubts about their durability. The move comes as oil prices have fallen and inventories remain high. In a surprising development, Brazil has joined OPEC Plus, strengthening the group's influence over global oil prices and posing a setback for the Biden administration. Despite the cuts, analysts speculate that prices may not rise significantly due to increased production capabilities outside of OPEC.
Originally Published 2 years ago — by The New York Times
Energy analysts predict that oil prices will surpass $100 a barrel for the first time in over a year due to Saudi Arabia's significant reduction in oil output. The Saudi-led OPEC Plus group is withholding over five million barrels a day, causing a deficit in supply and driving up prices. While this tactic may lead to increased oil output from other countries or reduced demand, it also risks a fall in oil prices. Despite concerns over recession fears, global demand for oil has been strong, particularly in China. The tightening market, coupled with Russia's export restrictions, has further contributed to rising prices. However, the Saudis may soon consider increasing supplies as they approach their capacity limit.
Originally Published 2 years ago — by Texas Standard
The recent spike in gas prices can be attributed to the rise in oil prices, which have increased by about 20% over the last month. Refinery outages, lower inventories, and high temperatures have also contributed to reduced refining capacity. Despite the increase, gas prices are still lower compared to last year. The rise in oil prices is primarily driven by OPEC Plus countries, including Saudi Arabia, Russia, and some African nations, which have decided to cut production to tighten the market and boost prices. However, U.S. production is not expected to offset the shortages due to lower prices and reduced drilling activity.
Originally Published 2 years ago — by The New York Times
Saudi Arabia and Russia have announced extensions to their oil production cuts in an effort to boost weak oil prices. Saudi Arabia will continue its 1 million barrels per day cut through at least August, while Russia plans to cut supplies by 500,000 barrels in August. These cuts could amount to 1.5 percent of global supplies. Oil prices rose slightly on the news, but uncertainty remains due to concerns about the global economy and the rise of alternative energy sources. The announcements were seen as a coordinated effort to demonstrate Russia's commitment to the OPEC Plus group's market management efforts. However, it is unclear how much supply Russia will actually cut, as it faces pressure to maintain revenue for the war in Ukraine. The Saudi oil minister's efforts to support prices have raised speculation about the cohesion of OPEC Plus. Saudi Arabia's production will now be just 9 million barrels per day, significantly lower than last year.
Originally Published 2 years ago — by The New York Times
The alliance between Russia and Saudi Arabia, which has been focused on propping up oil prices and maximizing export revenue, appears to be straining due to Russia's war in Ukraine. While Saudi Arabia has reduced its oil exports to prop up falling prices, Russia has not made any new commitments to reduce its exports. The Saudi-Russian oil alliance has been generally profitable to both sides, but Russia's pressing needs and weak global demand for oil have helped drive prices lower, which has helped bring down energy prices around the world. Despite emerging tensions, the alliance is expected to continue as both countries still need each other.
Originally Published 2 years ago — by Kitco NEWS
Gold prices are slightly up and silver is weaker as the US dollar index lost its early gains and crude oil prices rallied. The gains in the metals were limited due to a stronger US non-farm payrolls jobs rise in May, reminding the market that the Federal Reserve is likely to remain hawkish on its monetary policy for longer. Saudi Arabia decided to unilaterally cut its crude oil production by around 1 million barrels per day, starting in July, while the OPEC-plus cartel decided to leave its collective crude oil output unchanged.
Originally Published 2 years ago — by The New York Times
OPEC Plus, a group of major oil producers, has agreed to cut output to halt the recent slide in oil prices. Saudi Arabia has announced an additional cut in output of one million barrels a day for at least a month beginning in July, which could be extended. The agreement reworks the output quotas of several countries, with the United Arab Emirates gaining and some others losing production levels. The key feature of the agreement is the additional production cut by Saudi Arabia, which would bring its daily output to about nine million barrels a day.
Originally Published 2 years ago — by Kitco NEWS
Gold prices rose due to a weak US economic report, higher crude oil prices, a lower US dollar index, and a dip in US Treasury yields. The OPEC-plus cut in crude oil production by over 1 million barrels a day is also bullish for the entire raw commodity sector, including metals. The March US ISM manufacturing report showed activity dropped to the lowest level since May 2020, which falls into the camp of the US monetary policy doves who want to see lower interest rates sooner. May silver futures prices hit a two-month high today.
Originally Published 2 years ago — by The New York Times
OPEC Plus, led by Saudi Arabia and Russia, announced a surprise cut in oil production by nearly 1.2 million barrels a day, in an apparent effort to increase prices. The move may have symbolic importance, but its significance may be slight, especially if the global economy slows. The cuts, which are voluntary and start in May, could be temporary depending on economic conditions. The announcement comes as gasoline prices, still well below where they were a year ago, are rising again.