• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 21 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days America should go after China but it should be done in a wise way.
  • 23 hours Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Oil Rises Ahead of Weekly Inventory Data

Oil Rises Ahead of Weekly Inventory Data

Preview Text: Crude continues to…

The Renewable Revolution’s $3 Trillion Problem

The Renewable Revolution’s $3 Trillion Problem

Renewable energy developments are advancing…

Editorial Dept

Editorial Dept

More Info

Premium Content

Oil Markets Unimpressed By OPEC+ Cuts

Markets

Oil markets balked at the OPEC+ news this week that saw the organization extend cuts from Saudi Arabia and Russia and deepen the group’s overall cuts with other member states beginning in the first quarter of next year. The distinction–and likely a large factor in sending prices downward on Thursday–is the fact that the additional cuts (those beyond Russia and Saudi Arabia’s rollover cuts) are voluntary cuts.

On one hand, this could be seen as a large win for Saudi Arabia, which has been shouldering much of the market balancing efforts this year after agreeing to voluntarily cut 1 million bpd over this summer. OPEC’s most prolific producer has for a while been laying the groundwork in expressing its displeasure with OPEC’s other members, who have been benefiting from Saudi Arabia’s cuts without having to carry as much of the burden from reduced production. In the end, Algeria, Kazakhstan, Oman, Iraq, Kuwait, and the UAE all agreed to voluntarily cut production during the first quarter of next year to the tune of 693,000 bpd.

On the other hand, the voluntary nature of the production cuts and the fact that OPEC+ did not announce the levels of the cuts because they were voluntary–leaving it up to each member state to do so–send oil prices falling after they had risen early in the day on rumors that the group could cut 2 million bpd at the start of the year.

Including Saudi Arabia and Russia,…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News