OPEC and its allies begin two days of meetings which may culminate in further production cuts of as much as 1 million barrels per day as oil prices flag and a supply glut looms
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.
"This number is premature, we didn’t go into these things ," Iraq's oil minister Hayan Abdel-Ghani told reporters on Saturday when asked about a possible cut of 1 million bpd. The surprise output announcement in April helped to drive oil prices about $9 per barrel higher to above $87, but they swiftly retreated, under pressure from concerns about global economic growth and demand. On Friday, international benchmark Brent settled at $76.
Analysts at JPMorgan, however, said OPEC had not acted quickly enough to adjust supply to record high levels of U.S. output and higher than expected Russian exports.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
OPEC excludes some WSJ, Reuters and Bloomberg reporters from meetingThe OPEC+ alliance meets to discuss further production policy steps in Vienna over June 3-4.
Weiterlesen »
For oil traders, OPEC+ meeting won't hold element of surpriseA meeting by major oil producers on Sunday will lack the element of surprise, two months after an unexpected decision to implement deeper production cuts.
Weiterlesen »
WTI retreats towards $70.00 amid pre-NFP consolidation, OPEC+ concernsWTI crude oil fades upside momentum around $70.00 during early Friday in Asia, after rising the most in one month the previous day. In doing so, the O
Weiterlesen »
Oil prices rise as market awaits possible OPEC+ cutsOil prices rose on Friday in early Asian trade as markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend amid positive sentiment over U.S. monetary policy and Washington's debt ceiling bill.
Weiterlesen »
Oil prices rise after U.S. debt deal, all eyes on OPEC meetingOil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world's biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend.
Weiterlesen »