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Output Cut

All articles tagged with #output cut

energy2 years ago

"OPEC Output Cut: Oil Plummets, Selling Persists - What's Next?"

Despite OPEC+ announcing an extension to their production cuts, crude oil prices fell instead of rising. The counterintuitive move has left many wondering why. The group, which includes OPEC and other producers like Russia, formalized the voluntary cuts by Saudi Arabia and implemented additional output reductions. However, around three hours after the announcement, oil prices dropped. The reasons behind this unexpected decline remain unclear, and it is uncertain whether the bearish move will continue.

via OilPrice.com|
#bearish-move#crude#energy
energy2 years ago

US Withdraws Offer to Replenish Strategic Oil Reserve: Biden Administration Delays Restocking

The Biden administration has withdrawn its offer to purchase 6 million barrels of oil for the Strategic Petroleum Reserve (SPR) due to rising oil prices following Saudi Arabia's output cut. The Energy Department spokesperson stated that the decision was made based on "market conditions," without specifying further. The administration had previously released a record 180 million barrels from the reserve last year to control prices. The Energy Department remains committed to its replenishment strategy for the SPR, which includes direct purchases, returns of loaned oil, and cancellation of unnecessary sales.

via Reuters|
#biden-administration#energy#market-conditions
business2 years ago

Saudi Arabia's Oil Output Cut: Implications for Global Markets.

Saudi Arabia's decision to cut oil production to boost prices could come at a high cost, as it risks losing market share to other producers. The move is part of OPEC's efforts to stabilize the energy market, but it may not be enough to counter the impact of the COVID-19 pandemic on demand. The decision also puts pressure on other OPEC members to follow suit, which could lead to further market instability.

via The Wall Street Journal|
#business#energy-market#oil-prices
business2 years ago

Saudi Arabia's Oil Production Cut Sends Prices Soaring.

Saudi Arabia's decision to cut oil production to boost prices could come at a high cost, as it risks losing market share to other producers. The move is part of OPEC's efforts to stabilize the energy market, but it may not be enough to counter the impact of the COVID-19 pandemic on demand. The decision also puts pressure on other OPEC members to follow suit, which could lead to further market instability.

via The Wall Street Journal|
#business#energy-market#oil-prices
energy2 years ago

Russia to Extend Oil Production Cuts Until 2023, Novak Confirms

Russia will extend its 500,000 bpd oil production cut until the end of 2023 as a precautionary measure against further market volatility, according to Deputy Prime Minister Alexander Novak. The announcement comes after Saudi Arabia, Kuwait, Oman, Iraq and the United Arab Emirates also said they would reduce output until the end of the year. Russia is part of OPEC+.

via Reuters|
#energy#market-volatility#oil-production