News list for "Production cut agreement"
On September 6, the OPEC + countries that previously announced additional voluntary production cuts in April and November 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, held a virtual meeting on September 5, 2024, at which eight member countries underlined their collective determination to ensure full compliance with the voluntary production adjustments. Eight member countries have agreed to extend their additional voluntary production...
On June 2nd, according to foreign media reports, OPEC representatives said that OPEC + has drawn up the outline of an agreement to extend key parts of its oil production cuts until the second half of this year, as the organization continues to work to avoid a global supply glut and support prices. The so-called "voluntary" production reduction agreements of major member countries, including Saudi Arabia and Russia, total about 2 million barrels per day and will expire at the end of June. Delegat...
OPEC + is working on a complex deal and will agree at its meeting on Sunday to allow the extension of some deep production cuts until 2025, three sources said. OPEC + is currently cutting production by 5.86 million barrels per day, equivalent to about 5.7% of global demand. The cut includes 3.66 million barrels per day by OPEC + members for a valid period until the end of 2024, as well as voluntary cuts of 2.20 million barrels per day, due to expire at the end of June. The deal reached on Sunday...
The decline in oil prices may continue into the weekend, and the key is whether the production cut agreement is further extended. Powell's policy "combination punch" saved US stocks, but investors can easily shift from a "bad news is good news" mentality to "bad news is bad news" > >
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