Saudi Arabia will reduce its output by 1 million barrels per day on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices
Russian, Nigerian, Angolan targets brought in line with outputVIENNA, June 4 - Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices.
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.briefly sent international benchmark Brent crude around $9 higher, but prices have since retreated under pressure from concerns about the weakness of the global economy and its impact on demand.
Since Russia's invasion of Ukraine began in February last year, Western nations have accused OPEC of manipulating oil prices and undermining the global economy through high energy costs. The West has also accused OPEC of siding with Russia.inflationAnalysts said Sunday's OPEC+ decision sent a clear signal the group was willing to support prices and attempt to thwart speculators.
As the market stayed closed on Sunday, UBS analyst Giovanni Staunovo predicted a strong start when it reopens on Monday.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
OPEC+ agrees to new output target of 40.46 mb/d from 2024Following the conclusion of its June 4 Ministerial meeting, OPEC and its allies (OPEC+) announced in a statement that they have reached a deal, agreei
Weiterlesen »
Saudi to extend its 500,000 barrel-per-day voluntary oil cut until the end of 2024Saudi's energy ministry said on Sunday the kingdom will extend its 500,000 bpd voluntary oil cut until the end of 2024, according to Saudi's state news agency.
Weiterlesen »
Jaime Raskin says 2024 Senate decision will come before July 4Rep. Jamie Raskin (D-MD) says he is hoping to make a decision on whether he will run for Maryland's open Senate seat before July 4.
Weiterlesen »
Pivotal OPEC meeting to showcase Russia, Saudi tensionsHere's why the upcoming OPEC meeting will be a 'pivotal' moment as tensions simmer between Russia and Saudi Arabia over global oil supply
Weiterlesen »