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Sept 4 (Reuters) – If producer group OPEC+ doesn’t reduce production further, the average price of oil could drop to $60 per barrel in 2025 due to reduced demand and increased supply from non-OPEC countries, Citi said in a note on Wednesday. Citi said that while a technical rebound was possible, the market could lose …
Citi Says 2025 Oil Prices Could Average $60/bbl Without Deeper OPEC+ Cuts Read More »
(Reuters) – OPEC+ is discussing a delay in a planned output increase next month as oil prices hit their lowest in 9 months, three sources from the producer group told Reuters on Wednesday. Oil prices have been falling together with other asset classes on concerns about a weak global economy and particularly soft data from …
OPEC+ Discussing Delay to Planned Oil Output Hike in October Read More »
(Reuters) – OPEC+ has two problems and two solutions. The first problem is that crude oil prices are too low for the comfort of most of the members of the group, which pulls together the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia. The second issue is that crude demand has …
OPEC+ Has Oil Price and Demand Problems. It Should Solve Demand Read More »
LONDON, Aug 22 (Reuters) – In the next few weeks, Saudi Arabia and its OPEC⁺ allies must take a delicate decision about whether to proceed with planned production increases from October, or postpone them because of an uncertain economic outlook. The recent slides in front-month Brent futures prices, calendar spreads and refinery margins, amid concerns …
OPEC⁺ Faces Moment of Truth on Planned Output Increase: Kemp Read More »
Summary Cuts 2024 oil demand growth forecast to 2.11 mbpd Report sees Q4 OPEC+ crude demand 2.9 mbpd above July output IEA to publish updated forecasts on Tuesday LONDON, Aug 12 (Reuters) – OPEC on Monday cut its forecast for global oil demand growth in 2024 citing softer expectations for China, a reduction that highlights …
OPEC Cuts Oil Demand Growth Forecast, Highlighting Dilemma Over Oct Hike Read More »
Summary Chinese, US demand seen lagging forecasts Not clear if Q3 demand is growing fast, two OPEC sources say Worries of US recession add to pressure on oil LONDON, Aug 9 (Reuters) – Global oil demand growth needs to accelerate in coming months or the market will struggle to absorb an increase in oil supply that OPEC+ …
Global Oil Demand Needs to Rise Faster to Absorb OPEC+ Hike Read More »
By Olesya Astakhova, Ahmad Ghaddar, Alex Lawler and Maha El Dahan Russia comfortable with current oil prices Algeria sees demand on upward trend in coming weeks Still some weeks to decide on hike, says source close to OPEC+ MOSCOW/LONDON, Aug 1 (Reuters) – A meeting of top OPEC+ ministers has kept oil output policy unchanged …
OPEC+ Sticks to Oil Policy, Repeats Could Pause Oct Hike Read More »
By Olesya Astakhova, Ahmad Ghaddar and Alex Lawler Top OPEC+ ministers to meet online on Aug. 1 Brent crude prices have lost about 9% in July OPEC+ plans to raise output from October MOSCOW/LONDON, July 30 (Reuters) – An OPEC+ panel is unlikely this week to make any changes to its current deal to cut …
OPEC+ Likely to Stick to Output Policy at Aug 1 JMMC Meeting Read More »
(Reuters) Russian President Vladimir Putin’s oil point man said on Thursday that there was no friction with OPEC+ due to Russia exceeding crude production quotas and that the world’s second largest oil exporter would compensate for its overpumping. Russia said on Wednesday that its crude oil production in June exceeded quotas set by the OPEC+ …
Russia’s Novak Says No Friction with OPEC+ Over Exceeding Production Quotas Read More »
(Reuters) Democratic U.S. lawmakers on Wednesday introduced a bill to hold energy companies accountable if they are found by federal regulators to have colluded with the Organization of the Petroleum Exporting Countries to raise oil prices. The bill, introduced by Senator Edward Markey and Representative Nanette Barragan, says that if any energy company is found by …
U.S. Democrats Launch Bill Holding Oil Firms Accountable for Any Work with OPEC Read More »
