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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (164853)	11/29/2023 4:33:17 PM
From: Goose94	Read Replies (1) \| Respond to of 202923

Crude Oil: OPEC+ Mulls New Oil Production Cuts Amid Middle East Conflict Saudi Arabia favors curb of up to 1 million barrels a day, while other members oppose downgrading quotas November 29th 2023 OPEC and its Russia-led allies are considering new oil production cuts of as much as 1 million barrels a day, delegates said Wednesday, despite tensions in oil markets amid the conflict in the Middle East. The move, which would likely send oil prices higher, could be announced Thursday at a virtual meeting of the cartel. The meeting, originally scheduled for last week, was postponed over disagreements about production. A deal for further cuts isn’t assured, and the prospect is facing significant resistance within the Organization of the Petroleum Exporting Countries. A rollover of most existing output curbs is the most likely scenario, the delegates said, but talks are continuing. Saudi Arabia in June cut production by 1 million barrels, in a unilateral move as part of a deal with the other members of the Vienna-based group. Any cuts announced Thursday would be in addition to those announced in June. Saudi Arabia, the world’s biggest oil producer, is in favor of the new cuts, the delegates said. Oil prices climbed after The Wall Street Journal reported talks of the possible cuts. Brent, the most widely traded contract, climbed about 1.5% to more than $82 a barrel. Analysts said the potential curbs were greater than most forecasts. “I was expecting half a million; 1 million is quite bullish, and we can see that in oil prices popping up,” said Bjarne Schieldrop, chief commodities analyst at SEB. A cut of 1 million “won’t necessarily drive it to $90 a barrel and above but it will prevent it from falling below $80.” By Benoit Faucon and Summer Said