Nov 2 (Reuters) – OPEC+ has decided to pause oil production hikes beyond December 2025, citing growing concerns about a potential global supply glut and weakening demand. The move aims to stabilize prices amid rising economic uncertainty and record U.S. output.
OPEC
Oil eases after rising to two-week high on Russia-Ukraine supply concerns
Crude Oil prices slightly decreased on Tuesday, following a nearly 2% surge in the previous session, as traders closely monitor the Russia-Ukraine conflict’s potential impact on fuel supplies. Concerns over supply disruptions due to Ukrainian attacks on Russian energy infrastructure and anticipated U.S. sanctions on Russian oil are influencing market sentiment. Traders are also awaiting U.S. inventory data.
OPEC+ opens oil tap wider before planned August hike, raising fears of price fall
OPEC+ will raise oil production faster than earlier planned in August, with eight key alliance members agreeing to increase output by 548,000 barrels a day, delegates said on Saturday after a virtual meeting. This is higher than the 411,000-barrel hikes announced for May, June and July, which were already triple the initial plan. Traders had anticipated the same increase for August, making the latest move a further acceleration.
Crude Oil edges up as supplies remain tight with no SPR release
Crude Oil reversed losses to close slightly higher after another day passed without an announcement from the Biden Administration to tap U.S. crude oil reserves.
Crude Oil Price Retreats as OPEC+ Hints at supply Hikes
The price of crude oil declined slightly after the latest OPEC+ meeting. The leaders met during the weekend and agreed to gradually ease some of its production cuts between May and July.
Crude Oil Near $60 on Demand Worries Before OPEC+ Meeting
Crude Oil held losses in early Asian trading amid concern over near-term demand and dollar strength ahead of a closely watched OPEC+ meeting this week at which the group will decide on output policy.
OPEC+ To Extend Oil Production Cuts Till April — Neal Bhai
OPEC+ To Extend Oil Production Cuts Till April. The Organization of the Petroleum Exporting Countries Plus, in its latest meeting, agreed to extend production cuts from March to April 2021.