Market confusion over Opec+ cuts hits oil prices
- Date: 01-Dec-2023
- Source: AGBI
- Sector:Oil & Gas
- Country:Saudi Arabia
Market confusion over Opec+ cuts hits oil prices
Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […]
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Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to.
Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94.
Saudi Arabia, Russia and other members of Opec+ announced on Thursday that they will curb output voluntarily by a further 900,000 barrels per day (bpd) in addition to 1.3 million bpd in production cuts implemented in July.
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Other members will also reduce their production: Iraq by 223,000 bpd; the UAE, 163,000 bpd; Kuwait, 135,000 bpd; Kazakhstan, 82,000 bpd; Algeria, 51,000 bpd; and Oman 42,000 bpd. The cuts will run from January