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That same month, OPEC+ extended a cut of 1.65 million barrels per day announced in April 2023 until the end of 2025. Oil prices rose initially but settled slightly lower Thursday.
In June, OPEC said 2.2 million barrels a day in voluntary cuts were extended until September but would then be gradually reduced month by month until they are eliminated by September 2025. OPEC ...
Under the current plan, Saudi Arabia will boost its monthly production by 83,000 barrels per day each month from December. Prices have stayed low as China, a key consumer of global oil, has ...
Oil prices tumbled more than 4% Wednesday after a group of the biggest oil producing nations said they would delay a meeting, originally scheduled for Sunday, that was expected to discuss making ...
OPEC encouraged production cuts, which helped prices go up [115] before U.S. crude fell to $26.05, its lowest price since May 2003. Prices started rising when OPEC was "ready to cooperate". [116] [117] On June 7, Benchmark crude closed over $50 for the first time since July 21. [118]
After Saudi Arabia promised further production cuts, WTI reached $51.28 on January 7 and Brent climbed as high as $54.90, the highest since before COVID-19. [36] On January 14, a weaker dollar and an expected COVID-19 relief package helped oil move slightly higher, with WTI at $53.57 and Brent at $56.42, though Europe was experiencing more lockdowns and China had a higher number of COVID-19 ...
The announcement comes amidst growing non-OPEC oil production and weak oil prices. (DJ) November 22: OPEC states that it will roll over its current oil production quota of 25.42 million barrels per day (4,041,000 m 3 /d). The roll-over was widely anticipated because of slack world oil demand, rising non-OPEC production, and weak prices. (DJ, PON)
Despite the OPEC+ cuts, in total equivalent to about 5.7% of global crude supply, and ongoing tensions in the Middle East, global oil prices have fallen by about 11% since hitting a five-month ...