News Formal

OPEC+ panel tightens oil market outlook for this year and next - BNN Bloomberg

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 50%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

The OPEC+ coalition tightened its outlook for global oil markets this year and next as members struggle to reach output targets.

The alliance’s committee of technical experts slashed forecasts for this year’s supply surplus in half, to 400,000 barrels a day, according to a report from the panel. It flipped projections for next year from an overhang of 900,000 barrels a day to a deficit of 300,000 a day.

Oil prices have slumped for three months in a row, their longest run of declines since 2020, on concerns that slowing economic growth in China and tighter monetary policy in the US could curtail fuel demand. Futures traded near US$89 a barrel in New York on Wednesday. The prince added the Organization of Petroleum Exporting Countries -- which revived world markets during 2020’s COVID slump with massive output cuts -- is again prepared to trim supplies. Many OPEC+ nations have since rallied behind his call, which was given further support Wednesday by the JTC.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. stocks end at lowest level in a month; oil sinks - BNN BloombergU.S. stocks fell for the third consecutive day as fresh data pointed to resilience in household and labor demand, affirming the Federal Reserve’s resolve to continue to be aggressive in its fight against inflation. Commodities from oil to copper sank as the dollar rose.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

The Daily Chase: BMO closes earnings season with a miss; Oil slumps - BNN Bloomberg​BMO closed out earnings season for the Big Six this morning with a miss as profit in its capital markets business was halved.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

​BMO misses Q3 expectations as capital markets earnings sink 53% - BNN BloombergBank of Montreal closed out earnings season for the Big Six with a profit miss as the lender set aside more funds for loans that could sour and saw earnings in its capital markets division tumble.
Source: BNNBloomberg - 🏆 83. / 50 Read more »