Oil exporting giant Saudi Arabia released a statement saying the nation would continue to limit crude oil output by 1 million barrels a day for the rest of 2023. The cut leaves Saudi crude oil output at 9 million barrels of oil a day for the last quarter of the year. However, the nation did indicate it would review the policy every month. Other Organization of Petroleum Exporting Countries (OPEC) have collectively reduced oil output another 1.66 million barrels per day through 2024.
Tag: OPEC
OPEC Announces the Biggest Cut to Oil Production Since the Start of the Pandemic (Micro News for October 8, 2022 – October 14, 2022)
The Organization of Petroleum Exporting Countries (OPEC) and its allies announced it would cut oil production by 2 million barrels of oil per day, which is about 2% of global oil demand. This cut is the largest OPEC+ decline in output since before the pandemic. The move could push gas prices higher immediately prior to the U.S. midterm elections.
Oil Prices are Still Painfully High and OPEC Might Act, Goldman Sachs Says (Micro News for February 5, 2022 – February 11, 2022)
Consumers struggling with high gas prices at the pump may soon get some relief from OPEC+ according to investment banker Goldman Sachs. OPEC, or the Organization of Petroleum Countries, may increase oil production even faster than earlier indicated. OPEC and its oil producing allies do not want prices to get too high or the high prices will kill economic growth and push oil demand lower.
OPEC and Russia Will Pump More Oil in January Despite Price Plunge (Micro News for December 4, 2021 – December 10, 2021)
The Organization of Petroleum Exporting Countries plus Russia and other large oil exporting nations (dubbed OPEC+) announced they would stick with their earlier plans to increase oil supply in January 2022 even while some experts fear the recent fall in prices may signal excess supply on the market. World oil prices are down over 20% since October 2021 but are still significantly higher for the year.
Pearson Economic News 