Oil Market Set to Tighten as OPEC Sticks With Production Cuts

The OPEC group is set to continue with its production cuts until at least the end of the first half of 2024 as the alliance’s Joint Ministerial Monitoring Committee JMMC did not recommend any changes to output policy at its meeting on Wednesday. The JMMC is the OPEC panel that monitors the situation in the oil market and assesses compliance with the cuts. It doesn’t take decisions on policy as it just recommends possible actions to the full OPEC ministerial meetings.

After the meeting today, Ole Hansen, Head of Commodity Strategy at Saxo Bank, commented, “Brent crude oil toys with $90 after OPEC decided to stick with oil supply cuts for the first half of the year, keeping global markets tight and potentially sending prices higher.” Brent Crude was up by 0.73% at $89.61 early on Wednesday ahead of the weekly EIA inventory report.

Argentina Últimas Noticias, Argentina Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

IEA: Oil market to shift from surplus to deficit if OPEC extends cutsThe International Energy Agency (IEA) has stated that the oil market will shift from a surplus to a supply deficit for the entirety of 2024 if OPEC extends its production cuts until the end of the year. The IEA assumes that OPEC will continue with the voluntary cuts through 2024, prompting a change in its view on the supply-demand balance. The agency also raised its 2024 outlook on global oil demand growth.
Fuente: OilandEnergy - 🏆 34. / 68 Leer más »

OPEC Confident It Can Win Back Oil Market Share in IndiaOPEC is confident that it can claw back market share in India in the long term due to its relative proximity.
Fuente: OilandEnergy - 🏆 34. / 68 Leer más »

OPEC Oil Industry Needs $11.1 Trillion in Upstream Investment by 2045According to OPEC Secretary General Haitham Al Ghais, the oil industry will need $11.1 trillion in upstream investment by 2045.
Fuente: OilandEnergy - 🏆 34. / 68 Leer más »