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Output Cuts

All articles tagged with #output cuts

energy1 year ago

"Russia's Oil Output Cuts Drive Up Prices Amid Geopolitical Tensions"

Russia's government has instructed companies to reduce oil output in the second quarter to meet a production target of 9 million barrels per day by the end of June, in line with its commitments to OPEC+. This move follows Deputy Prime Minister Alexander Novak's announcement of additional oil output and export cuts. The government has provided specific targets to each company to support its pledge to cut output and stabilize international oil prices. The production cuts are expected to coincide with seasonal refinery maintenance and a decline in fuel production due to outages and Ukrainian drone attacks.

via Reuters|
#alexander-novak#energy#oil-production
energy2 years ago

Russia Considers Further Oil Export Cuts as Red Sea Ship Attacks Raise Concerns

Russia plans to deepen its oil export cuts in December by potentially 50,000 barrels per day or more, earlier than promised, in an effort to support the global oil price. This comes after Saudi Arabia and Russia called for all OPEC+ members to join an agreement on output cuts. Russian Deputy Prime Minister Alexander Novak stated that Russia had already agreed to cut 300,000 barrels per day this year, but would add additional volumes in December. Novak also expressed hope for an agreement between Gazprom and Chinese producer CNPC on gas sales through the Power of Siberia-2 pipeline.

via Reuters|
#energy#global-oil-price#oil-exports
energy2 years ago

"Potential Impact: Iran's Involvement in Hamas-Israel Conflict Could Trigger Oil Price Surge"

Pioneer Natural Resources CEO Scott Sheffield has warned that oil prices could significantly rise if Iran becomes directly involved in the Hamas-Israel conflict. While oil prices initially rallied following the attack, they have since fallen as the market believes the conflict will have no immediate impact on supply. However, if the conflict escalates to the point where Iran is no longer deploying only proxy forces, oil prices could surge due to the threat to global crude supplies. The future of such a surge depends on Israeli Prime Minister Benjamin Netanyahu's response and the evidence he has regarding Iran's involvement. The death toll in the conflict continues to rise, with clashes resulting in reported casualties.

via OilPrice.com|
#energy#global-crude-supplies#hamas-israel-conflict
finance2 years ago

Citi analyst questions sustainability of $90 per barrel oil prices

Citi analyst Ed Morse believes that while oil prices may briefly reach $100 per barrel due to output cuts and geopolitical tensions, they are likely to retreat by the end of the year. Morse points to faster supply growth compared to demand growth outside of Saudi Arabia and Russia, suggesting that $90 prices are unsustainable. Citi's analysts predict oil to average $84 in Q4 2023 and drop to the low-$70 range in 2024, citing growing production among non-OPEC+ members and the potential for Saudi Arabia to reverse cuts if markets become too tight. The recent rally in oil prices has raised concerns about higher fuel costs impacting airlines and the broader economy, particularly as the Federal Reserve aims to curb inflation through interest rate hikes.

via Yahoo Finance|
#citi-analyst#finance#geopolitical-tensions
energy2 years ago

Oil prices soar as output cuts drive surge in market and fuel supply concerns

Oil prices reached their highest level in four months after an attack on a key Russian oil export hub and extended production cuts by Saudi Arabia and Russia. Ukraine launched a naval drone attack on Russia's port of Novorossiysk, disrupting Russian oil exports. Saudi Arabia extended its voluntary crude oil output cut of one million barrels per day until the end of September, while Russia pledged to trim oil exports by 300,000 barrels per day in September. Analysts predict that oil prices will continue to rise due to reduced supply, but there may be volatility in the market.

via CNBC|
#energy#oil-prices#output-cuts
energy2 years ago

"Oil Prices Surge, Set for Largest Monthly Increase in 12 Months"

Oil prices are on track for their biggest monthly gains in over a year, hovering near three-month highs, as expectations of Saudi Arabia extending voluntary output cuts into September and tightening global supply support the market. Brent crude futures dipped slightly to $84.90 a barrel, while U.S. West Texas Intermediate crude was at $80.41 a barrel. Both Brent and WTI settled on Friday at their highest levels since April, with July set to close as their biggest monthly gains since January 2022. Goldman Sachs estimates global oil demand rose to a record 102.8 million bpd in July and expects prices to rise further in the second quarter of 2024.

via CNBC|
#demand#energy#global-supply
energy2 years ago

Citi predicts limited impact of Saudi output cut on oil prices.

Saudi Arabia's pledge to deepen output cuts is unlikely to lift oil prices sustainably into the high $80s-low $90s, according to Citi analysts, who cited weaker demand, stronger non-OPEC supply, potential recessions in the US and Europe, and lower growth in China as factors that could push prices lower this year and in 2024. Other brokerages, including HSBC, UBS, and Barclays, have also weighed in on the impact of the cuts on oil prices, with varying forecasts. The main driver of oil prices remains concerns about global growth and demand, not only in China but also in the US and other key consumers.

via Reuters|
#demand#energy#global-growth
business2 years ago

Saudi Arabia's Oil Production Cut to Impact Global Markets.

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.

via The New York Times|
#business#global-oil-market#oil-production
energy2 years ago

Saudi Arabia's Oil Cuts Could Impact Global Markets.

Saudi Arabia will cut oil production by one million barrels per day in July as part of the OPEC+ deal to combat flagging oil prices and a looming supply glut. The cut could be extended beyond July if needed. OPEC+ has also decided to reduce overall production targets from 2024 by a further total of 1.4 million bpd. However, many of these reductions will not be real as the group lowered the targets for Russia, Nigeria, and Angola to bring them into line with their actual current production levels.

via DAWN.com|
#energy#global-demand#oil-production
energy2 years ago

Oil prices drop amid US debt deal and OPEC+ talks uncertainty.

Oil prices dropped by 3% due to concerns over the US debt ceiling pact and mixed messages from major producers ahead of the OPEC+ meeting this weekend. The uncertainty over whether OPEC+ will increase their output cuts amid a recent slump in prices is also weighing on the market. The debt deadline nearly coincides with the June 4 meeting of OPEC+. Chinese manufacturing and service sector data out later this week will also be scrutinized for cues on the fuel demand recovery in the world's top oil importer.

via Reuters|
#demand-recovery#energy#oil-prices
energy2 years ago

Russian oil exports surge to record high despite Western price caps.

Despite Moscow's pledge to cut output, oil loadings from Russia's western ports in April will rise to the highest since 2019, above 2.4 million barrels per day (bpd), and exports from the ports of Primorsk, Ust-Luga and Novorossiisk will rise above 10 million tonnes, up from 9.7 million tonnes in March. Seasonal maintenance on Russian refineries in April could explain the high crude exports as the state's domestic market needs less oil. Russia's Urals oil keeps flowing to Asia in April, while softer freight rates help the grade's sellers to reach far-away customers.

via Reuters|
#asia#energy#oil-exports
energy2 years ago

Russian Ruble Plummets as Oil Production Cut Exceeds Plan

Russia reduced its crude oil production by 700,000 barrels a day in March, more than the 500,000 barrels a day it had pledged to cut, as part of OPEC+ production curbs of 1.1 million barrels a day starting in May. However, doubts have been raised over how much oil Russia actually produced, as it doesn't align with the country's seaborne exports and domestic refinery supplies. The collective reduction in the commodity's supply may cause future volatility and force Western nations to reassess the $60 price cap on Russian oil.

via Yahoo Finance|
#crude-oil#energy#oil-production
energy2 years ago

Russia's Oil Production Cuts Lead to Ruble's Year-Low Value

Russia reduced its crude oil production by 700,000 barrels a day in March, more than the 500,000 barrels a day it had pledged to cut. However, doubts have been raised over the actual amount of oil produced as it doesn't align with the country's seaborne exports and domestic refinery supplies. The output cuts have been extended to the end of the year, and combined with OPEC+'s pledge to cut oil output by 1.1 million barrels a day, oil markets rallied, indicating the potential for crude prices to return to $100 a barrel this year.

via Markets Insider|
#crude-oil#energy#oil-production
energy2 years ago

OPEC's surprise production cuts cause oil prices to surge.

Oil prices surged up to 8% after OPEC+ announced a surprise output cut of 1.16 million barrels per day, with Saudi Arabia and UAE among the countries pledging respective cuts. The voluntary cuts will start from May to end 2023, aimed at stabilizing the oil market. Analysts warn that the cut could push oil prices towards $100 per barrel again, considering China's reopening and Russia's output cuts as a retaliation move against western sanctions. However, the cut could also reverse the decline in inflation, complicating central banks' rate decisions.

via CNBC|
#energy#oil-prices#opec
business2 years ago

OPEC+ and Saudi Arabia announce surprise oil production cuts.

Saudi Arabia and other OPEC+ oil producers announced voluntary cuts to their production amounting to around 1.15 million barrels per day in a surprise move aimed at supporting market stability. The cuts, which start from May, come in addition to the ones already agreed in October. The unexpected voluntary cuts show the cooperation between OPEC members and Russia is still strong. The Saudi energy ministry said in a statement that the kingdom's voluntary cut was a precautionary measure aimed at supporting the stability of the oil market.

via Reuters|
#business#market-stability#oil-production