OPEC-JMMC Meetings

The move by OPEC+ to delay a revival of supply to April will pare global oil output next year, tightening balances somewhat, but a glut is still widely expected, according to banks and industry consultants. Banks including Morgan Stanley raised price forecasts modestly after the decision by the group, which was in line expectations heading into the meeting. Still, higher supply, especially from nations outside OPEC+ in the Americas, as well as poor demand from China, remain major concerns. With global benchmark Brent trading little ...

OPEC+ members decided yesterday to extend their additional voluntary supply cuts of 2.2m b/d by a further three months, which means the group is now currently set to gradually increase supply from only April 2025. In addition to a further delay in bringing supply back, members will also bring this supply back at a slower pace. Previously, the group were set to bring 2.2m b/d of supply back online over the course of 12 months. However, members will now bring this supply back over the course of 18 months. So, this full supply is ...

OPEC+ is accepting that its mission to defend oil prices will drag on much longer than expected. At an online gathering on Thursday, the group led by Saudi Arabia and Russia agreed for a third time to delay the revival of halted production, and slow it down. The group will unwind its current production cuts gradually from April 2025 until September 2026 — a full year later than originally envisioned. The protracted process reflects the bind the Organization of Petroleum Exporting Countries finds itself in: with oil demand faltering ...

Igor Sechin, the head of Russia's largest oil producer Rosneft , said on Thursday that the OPEC+ group's decisions to reduce oil output in 2016 and 2020 helped the U.S. shale industry and made it a leading global energy exporter. Sechin, speaking at a forum in the United Arab Emirates, said Russia and its partners have made the main contributions to the global energy market stabilisation in the past 10 years. A long-standing ally of Russian President Vladimir Putin, Sechin has previously expressed scepticism about Russia's ...

Opec+ producers have delayed a plan to start increasing crude output by another three months to April 2025. Eight members of the group ꟷ Saudi Arabia, Russia, Iraq, Kuwait, the UAE, Kazakhstan, Algeria, Oman ꟷ were scheduled to begin gradually unwinding 2.2mn b/d of voluntary cuts from January over a 12-month period. They agreed today to postpone the start of the production increase until April and to return the full amount over 18 months rather than a year. The delay is designed "to support market stability", the Opec Secretariat ...