The Organization of the Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, showed their commitment to higher oil prices in their meeting on June 4, with Saudi Arabia announcing additional output cuts and some other members extending their voluntary cuts until the end of 2024. Following their meeting in Vienna, OPEC+ members extended…
Saudi Arabia to Cut Oil Production by 1 Million Barrels per Day to Boost Prices
June 4, 2023
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With Oil Prices Slumping, OPEC+ Producers Weigh More Production Cuts
FRANKFURT, Germany—The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to U.S. drivers and helped ease inflation worldwide. The 23-member group is meeting Sunday…
OPEC Cuts May Lead to a World Crisis
Commentary The world is facing a precarious moment in the oil market. The recent decision by OPEC+ to extend production cuts has raised concerns about the potential impact on the global economy. While the move may benefit oil producers in the short term, it may be a misguided action that could also have unintended consequences…
Higher Oil Prices Expected to Revive Inflation Pressures, but Can a Recession Stop It?
Since Saudi Arabia and OPEC+ crude oil producers announced additional production cuts of about 1.16 million barrels per day (bpd), there has been increasing concern that these efforts will affect American consumers by adding to inflationary pressures, particularly at the pump. U.S. oil prices had been trending downward since hitting a peak of $130 per…
Biden Administration Downplays Effect of Surprise OPEC+ Production Cuts
The Biden administration downplayed the effect of the surprise decision by OPEC+ to continue production cuts, insisting that the situation is different than last year. This response contrasts the administration’s stance in October of last year when President Joe Biden threatened consequences for Saudi Arabia after the OPEC+ cut. The administration’s current response was outlined…
Markets Expecting Higher Oil Prices After Surprise OPEC Cut
Crude oil prices rallied as much as 6 percent on April 3, with both West Texas Intermediate (WTI) and Brent futures soaring above $80 per barrel. Oil prices climbed in response to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, slashing output by 1.16 million barrels per day (bpd) from May…
Markets Expect Higher Oil Prices After Surprise OPEC Cut
Crude oil prices rallied as much as 6 percent on April 3, with both West Texas Intermediate (WTI) and Brent futures soaring above $80 per barrel. Oil prices climbed in response to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, slashing output by 1.16 million barrels per day (bpd) from May…
Oil Prices Soar After OPEC’s Shock Production Cut
Oil prices surged over 5 percent on Monday, notching their biggest daily jump in nearly a year after OPEC+ surprised markets on Sunday by announcing production cuts. In early trading Monday, the U.S. crude oil benchmark West Texas Intermediate (WTI) rose $4.38 to $80.03 per barrel, or 5.79 percent, according to TradingView data. Brent crude,…
Oil Production Faces ‘Serious Problem’ in 2024, With Implication for Prices, Says Goldman Sachs
Goldman Sachs Group predicts that oil will rise above $100 a barrel this year and that there could be a serious supply problem into 2024, as spare production capacity runs dry. The sanctions against Russian oil exports and rising demand from China, as it ends its zero-COVID lockdown policy, is expected to raise prices above its…
Xi’s Saudi Summit and the United States’ Weakening Global Position
Commentary In international relations, appearances are key. The enormous difference between the lavish welcome and fruitful trip of Chinese leader Xi Jinping to Saudi Arabia versus U.S. President Joe Biden’s unsuccessful July visit to Riyadh is therefore not inconsequential. Quite the opposite. It is indicative of the fundamentally shifting nature of geopolitics and a U.S. administration…
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