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January 2025
- OPEC+ had initially planned to phase out its voluntary production cuts of 2.2 million barrels per day starting in October. However, due to persistent low oil prices and concerns about weak demand and increasing supply, the group has already postponed the plan twice, now aiming for January 2025, with further delays possible.
1 day ago · The group has cut output by 5.86 million barrels per day, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market. ... "Crude needs to price below $40-$45 to ...
- What is OPEC+ and how does it affect oil prices? | Reuters
The OPEC+ group is currently cutting output by 5.86 million...
- What is OPEC+ and how does it affect oil prices? | Reuters
1 day ago · HSBC forecasts Brent crude prices to remain at $70 per barrel in 2025 and beyond. OPEC+ Could Delay Production Increases Even Longer. With WTI and Brent crude currently hovering around $70 per barrel, HSBC does not rule out the possibility of OPEC+ postponing production increases until later in 2025. The bank noted that OPEC+ might opt for ...
Nov 13, 2024 · Oil prices may see a drastic fall in the event that OPEC+ unwinds its existing output cuts, said market watchers. A decline to $40 a barrel would mean around 40% erasure off current crude prices.
Jul 2, 2024 · There is no need for OPEC+ to cut production further as it believes oil prices are heading in the right direction with Brent crude price expected to hit $90 a barrel soon.
- Simon Watkins
May 24, 2024 · The OPEC+ group is currently cutting output by 5.86 million bpd, equal to about 5.7% of global demand. The cuts include 3.66 million bpd by OPEC+ members to the end of 2024.
Jun 5, 2023 · Saudi Arabia has announced it will be cutting its production of crude oil by a million barrels a day to try to boost prices. Other members of the oil producers' group Opec+ agreed to keep their...
Jun 12, 2024 · A looming glut in global oil supply could “upend” attempts by the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, to prop up prices by cutting production,...
