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- The Organization of Petroleum Exporting Countries and its allies have agreed that, starting in October, they would gradually begin restoring output that was halted in late 2022 to shore up prices. About 540,000 barrels a day are due to be added over the course of the fourth quarter.
www.bnnbloomberg.ca/business/international/2024/08/01/opec-sticks-with-plan-to-revive-oil-output-next-quarter/
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Jun 3, 2024 · OPEC+ on Sunday agreed to extend the 2 million bpd of voluntary crude production cuts into Q3 but then gradually phase out the cuts over the following 12 months beginning in October.
Aug 30, 2024 · OPEC+ rolled out a plan to restore some crude production in Q4, which sparked worries about a glut in global oil supplies. On June 2, OPEC+ extended the 2 million bpd of voluntary...
Jun 2, 2024 · OPEC+ set out a timetable for gradually unwinding some of its oil production cuts, sparking a debate about whether the market will be able to absorb those extra barrels. An agreement reached in...
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Aug 1, 2024 · Data from the International Energy Agency in Paris suggest that, with China cooling and US output brimming, a new surplus could emerge if OPEC+ perseveres with the supply boost in the fourth quarter. Citigroup Inc. has predicted that the group won’t start to restore supplies until the middle of next year.
Jun 2, 2024 · Key OPEC+ members will begin scaling back their voluntary production cuts in October, under a complex deal announced June 2 that also extends most other existing quotas through to the end of 2025, as the alliance aims to start clawing back market share without upsetting oil prices.
Aug 30, 2024 · Crude futures have retreated sharply during the past two months, trading below $80 a barrel Friday. Yet a political crisis in OPEC member Libya, which has halved its output, may have given the alliance the space to move forward.
Jun 2, 2024 · On Sunday, OPEC+ agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025 and prolong the cuts of 2.2 million bpd by three months until the end of September 2024.
