Saudi Arabia will make additional voluntary cuts of 1 million barrels a day to its oil production in an effort to increase prices following a long OPEC+ meeting in Vienna, Financial Times reported. The 1 million b/d cut will initially be for July but could be extended, Saudi Energy Minister Prince Abdulaziz said, describing it […]
Oil markets
Posted inMarkets
What happened to output cuts? OPEC ends up boosting crude production, survey shows
Even though OPEC+ had pledged to cut output by 100,000 b/d in October, the alliance hiked production by 220,000 b/d instead, as several members recovered lost barrels by outages and maintenance, a survey by S&P Global Commodity Insights reported. Sharp production increases from Kazakhstan, Russia and Iraq were offset by losses in Saudi Arabia and […]
Posted inMarkets
Oil market volatility could force OPEC production cuts, Saudi Energy Minister says
The paper oil market has fallen into a “self-perpetuating vicious circle” of extreme volatility, Saudi Energy Minister Prince Abdulaziz bin Salman said
Posted inDRILLING & PRODUCTION
Middle East oil producers trump global competition in pursuit of Asian refiner demand
Converging market conditions are creating a beneficial landscape for the region’s oil producers