OPEC+ unlikely to amend oil production plan: Report
- Date: 29-Mar-2023
- Source: Argaam
- Sector:Oil & Gas
- Country:Saudi Arabia
OPEC+ unlikely to amend oil production plan: Report
OPEC+ is unlikely to adjust its oil production target when key ministers of member nations meet virtually on April 3, staying the course amid turbulence in global financial markets, delegates from the group told Bloomberg.
This meeting is set to maintain the oil producers’ position, they added.
Given the banking industry tumult affecting the economic outlook and Western sanctions on Russia creating uncertainty about oil supply, there is no need to deviate from the current plan, the delegates explained.
A Bloomberg poll of analysts and traders suggested no change from the OPEC+ Joint Ministerial Monitoring Committee (JMMC) during the meeting.
Group leader Saudi Arabia has previously said the 23-nation alliance should keep oil supplies steady for the whole of 2023, given the fragile recovery in global oil demand.
Unexpected new cuts in oil production by OPEC+ countries risk aggravating a potential supply deficit through the second half of 2023 & are boosting prices at a time of heightened economic uncertainty.
Read more in our April Oil Market Report ⬇️ https://iea.li/43J6Ejo
#Opec+ crude production cuts are poised to widen the world's oil supply deficit in the 2H 2023 and risk pushing up oil prices, at a time when consumers are already being squeezed by high inflation, the @IEA said today in its latest Oil Market Report. #oott
https://www.argusmedia.com/en/news/2439238-opec-cuts-risk-widening-global-oil-supply-deficit-iea?backToResults=true
After Saudi Arabia and members of the Organization of the Petroleum Exporting Countries (OPEC) surprised the world by announcing cuts to oil production, a spokesperson for U.S. president Biden’s National Security Counci...
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mtr.cool
OPEC's latest monthly report shows why OPEC cut production. Despite China reopening and a lot of March imports, it's nothing more than reopening. Increase in oil demand there not even to 2021 levels.
The April 2023 report released today showed that in March OPEC saw a decline in production of 86 Kb/d to 28.8 Mb/d. The decline was due mainly to Angola which is having production difficulties, due to low capex, and they saw volumes fall 64 Kb/d to 1.0 Mb/d.
OPEC’s crude oil production fell to 28.797 million bpd, according to OPEC’s latest edition of its Monthly Oil Market Report
#OPEC oil market report
oil demand growth
2022 cut by 0.01 to 2.50mbpd
2023 unchanged at 2.32mbpd
non OPEC supply growth
2022 unchanged at 1.86mbpd
2023 cut by 0.01 to 1.43mbpd
OPEC crude production down 86kbpd m/m to 28.797mbpd in March
#oott
The U.S. News & World Report explores the impact of OPEC+ announcement of cutting oil outputs and Moomoo Technologies Inc, VP of Strategy, Justin Zacks provides his insights into the announcement. Read the article: https://money.usnews.com/investing/articles/what-opec-oil-production-cuts-mean-for-investors
OPEC's Monthly Oil Market Report shows commercial oil inventories have been building in OECD countries, pointing to a less tight market than a year ago, potentially explaining the recent decision to cut production.
Full Story Here: https://oilprice.com/Energy/Energy-General/OPEC-The-Oil-Market-Is-Less-Tight-Than-A-Year-Ago.html
OPEC’s crude oil production fell to 28.797 million bpd, according to OPEC’s latest edition of its Monthly Oil Market Report. According to OPEC’s secondary sources, OPEC’s 13 members produced 86,000 fewer barrels per day of crude oil in the month of March… https://oilprice.com/Energy/Crude-Oil/OPECs-Crude-Oil-Production-Falls-In-March.html
OPEC’s crude oil production fell to 28.797 million bpd, according to OPEC’s latest edition of its Monthly Oil Market Report
https://oilprice.com/Energy/Crude-Oil/OPECs-Crude-Oil-Production-Falls-In-March.html
In its monthly oil market report, OPEC forecasts a sharp decline in oil production in Russia. It is expected to be 11.22 million barrels per day in the first quarter of 2023, and a decrease to 10 million barrels per day in the second quarter, which is almost an 11% decrease.
Oil will be $100?
OPEC cut production by 1.04 million barrels per day in excess of commitments.
OPEC also lowered the forecast for oil production in the United States in 2023, an increase of only 0.69 million barrels per day is expected.
Report of the organization… https://twitter.com/i/web/status/1646483717857202178
The Organisation of Petroleum Exporting Countries (OPEC+) in March reported the biggest decline in their collective production in 10 months.
https://dailytimesng.com/opec-report-biggest-production-decline-in-10-months/
The rising global oil prices now at 2.5-month highs, after the surprise OPEC+ oil production cut of more than 1 million barrels a day a week ago and the geopolitical risks in view of the recent China military exercises near Taiwan as other factors.
https://manilastandard.net/business/banking-report/314321077/peso-tumbles-to-one-month-low-of-55-22-against-us-dollar.html
EU LNG imports from the US, EPA’s proposed new emissions standards, OPEC crude production, Russian oil exports, US SPR, and more #LNG #Oil #SPR
Daily Energy Report https://open.substack.com/pub/afalhajji/p/daily-energy-report-ed2?r=1vkr3y&utm_campaign=post&utm_medium=web
Commentary from a recent Sevens Report issue was picked up in this MarketWatch article, discussing oil prices. A good read!
https://www.marketwatch.com/story/oil-prices-slip-on-global-recession-fears-after-boost-from-opec-production-cuts-1ba34772
@MarketWatch #OilPrices #Oil #Stocks #StockMarket #SevensReport #TomEssaye #TylerRichey
Commentary from a recent Sevens Report issue was picked up in this MarketWatch article, discussing oil prices. A good read!
https://www.marketwatch.com/story/oil-prices-slip-on-global-recession-fears-after-boost-from-opec-production-cuts-1ba34772
@MarketWatch #OilPrices #Oil #Stocks #StockMarket #SevensReport #TomEssaye #TylerRichey
Despite OPEC+’s surprise production cut, the global oil market will remain in surplus this year and next as demand growth could be hurt by lower-than-expected economic growth in the coming months...so drop price cap to $50...
https://www.eia.gov/outlooks/steo/report/global_oil.php
WTI Crude Oil Futures (May): U.S. crude stockpiles in focus
The U.S. Energy Information Administration (EIA) raised 2023 average crude WTI prices to $79.24 in April from $77.10 in March on OPEC+ production cut. In addition, the EIA will report official crude inventories for the
WTI Crude Oil Futures (May): U.S. crude stockpiles in focus
The U.S. Energy Information Administration (EIA) raised 2023 average crude WTI prices to $79.24 in April from $77.10 in March on OPEC+ production cut.
In addition, the EIA will report official crude inventories for the
Oil and petroleum prices will increase in international markets. Because, according to the OPEC recent report, Saudi Arabia, Dubai, kwait, Iraq, Oman and many other countries have decided to decrease their oil production level in coming days. petrol price will increase double.
https://thewallstreetpost.com/video-news-new-york-fed-president-weve-still-got-our-work-cut-out-for-us-to-get-inflation-back-to-2-thewallstreetpost-com/ - New York Fed President John Williams joins Yahoo Finance Live to discuss the March jobs report, OPEC+ production cuts, inflation, turmoil within the U.S. banking sector, and the outlook for further rate hikes. Subscribe to Yahoo Finance: ... About...
Our Main April Energy Report is out.
💡 Gas and Electricity Wholesale prices are higher
🗺️ EU Gas Storage levels remain high at 56% full
📈 OPEC announced further Oil production cuts
https://lnkd.in/ew9zEESX
#EnergyMarkets #EnergyPrices #Gas #Electricity
🚨JUST IN! Get our weekly Technical Analysis report📈 for Gold and WTI 👉 https://titanfx.com/news/can-the-opec-production-cut-push-wti-higher
#titanfx #gold #wti #trading
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