OPEC Meetings

In this week's Market Movers Global with Jennifer Pedrick: OPEC+ cuts, demand outlook in focus India's marine fuel excise duty cuts set to boost port traffic Australian wheat at risk of quality downgrades from recent rains US diesel cracks running at a premium to jet crack spreads

The energy ministers of the most influential OPEC+ producers presented a united front on Thursday, seeking to allay market concerns about oversupply and saying that the oil production plans unveiled this weekend could always be amended or reversed. The OPEC+ group extended this weekend most oil output reductions into 2025. But it also said it could begin unwinding some voluntary cuts after the end of the third quarter of 2024—subject to market conditions. The potential of OPEC+ barrels coming on the market in the fourth quarter of ...

The deal reached on 2 June extends all Opec+ crude production cuts into 2025 but with a caveat that the group could start to unwind, in stages, the 2.2mn b/d 'voluntary' cuts taken by some members over 12 months from October. Front-month Ice Brent crude prices have since the meeting fallen below $80/bl for the first time since February. Speaking at a panel at the St Petersburg International Economic Forum (SPIEF), Saudi energy minister Prince Abdulaziz bin Salman, Opec secretary general Haitham al Ghais, Russia's deputy prime ...

OPEC+ agreed on Sunday to extend most of its oil output cuts well into 2025 amid tepid demand growth, rising U.S. production and high interest rates. OPEC+ is currently cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand, including 3.66 million bpd of cuts previously set to expire at the end of 2024, and voluntary cuts by eight members of 2.2 million bpd, expiring at the end of June 2024. The announcement led to an oil price selloff, with front-month Brent falling to a four-month low below ...

In its statement, OPEC+ said it would extend 1.66mn barrels per day (bpd) in group cuts to December 2025, but paired this with a small production quota increase for the UAE next year (300,000 barrels per day), and a clearer timeline on how it could begin unwinding 2.2mn barrels per day in voluntary cuts beginning October 2024. While some bearish oil market participants may see reason for concern, we are more constructive on both the supply and price outlook for several reasons: The voluntary curb taper appears conditional on market ...

U.S. crude oil fell more than 3% on Monday as OPEC+ announced plans to phase out voluntary production cuts totaling 2.2 million barrels per day. A coalition of eight OPEC+ members led by Saudi Arabia and Russia announced Sunday that they would begin phasing out those cuts over the course of 12 months starting in October. The planned phase out, however, will be subject to market conditions and could be reversed, the producers said. OPEC+ is keeping separate tranches of production cuts totaling 3.6 million bpd in place until the end of ...