Saudi Arabia kept under wraps its plan to make a deep cut to its own oil output during a weekend of OPEC+ talks in Vienna, several OPEC+ sources told Reuters, with some member states only learning about the reduction from the final news conference.
Saudi Arabia is the top OPEC producer and the member with the most flexibility to raise or cut output, giving the kingdom unrivalled influence over the oil market - although the impact on oil prices since announcing its plans has been modest so far.in managing oil markets, where prices have come under pressure due to concerns about the weakness of the global economy and its impact on demand.
Saudi Arabia said it would cut output in July by 10% or 1 million barrels per day to 9 million bpd and may extend cuts further if needed. Meanwhile, OPEC+ agreed to extend cuts into 2024 but didn't commit to any fresh cuts in 2023. The United Arab Emirates secured a higher output quota that it had long been seeking - an issue that has caused tension between the group and Abu Dhabi, which has been increasing its output capacity.'CAN'T PUSH THE OTHERS'
"The Saudis were cognizant this time they could not push the others," an OPEC+ source said. "The UAE are happy with the new quota and it is a big relief for the Saudis." OPEC+ sources said the new targets for Angola and Nigeria were still higher than the countries can realistically pump, which means they do not have to perform real cuts.
Nonetheless, all those producers stand to benefit if they can keep output the same or pump a bit more, especially if the Saudi cut boosts prices.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Lionel Messi picks Miami, MLS over Barcelona and Saudi Arabia, per reportSoccer legend Lionel Messi, 35, is set to sign with Major League Soccer's Inter Miami, according to CBSSports' Guillem Balague.
Lire la suite »
Saudi Arabia’s oil production cut could affect Alaska’s state financesAn increase in federal oil price estimates, reflecting Saudi Arabia's planned cuts in oil production, could trigger higher Permanent Fund dividend checks under a 'waterfall provision' in Alaska's budget. (via AlaskaBeacon)
Lire la suite »
Pakistan, Saudi Arabia hold talks over Rohingya passportsPakistan and Saudi Arabia hold talks over status of some 250,000 Rohingya Muslims living in the Gulf kingdom, involving renewing their Pakistani passports
Lire la suite »
The Week Saudi Arabia Tightened Its Grip on Global SportsSaudi Arabia’s efforts to gain a foothold in soccer and other sports, long laughed off, have gained powerful momentum with its dramatic entry into U.S. golf
Lire la suite »
How Inter Miami, MLS can afford Lionel Messi, and how they beat Saudi Arabia's wealthLionel Messi turned down the richest contract in sports history to come to Miami, and as his seismic decision rippled across MLS and American soccer, the reasons for it began to sink in.
Lire la suite »