News Formal

Key OPEC Ministers Dismiss Bearish Market Reaction to Output Plans

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 23 sec. here
  • 10 min. at publisher
  • 📊 Quality Score:
  • News: 40%
  • Publisher: 68%

Energy News

OPEC,OPEC+,Crude Oil

The energy ministers of several OPEC members have dismissed the bearish market reaction to the group's latest production plan.

The energy ministers of heavyweight OPEC producers dismissed the bearish market reaction to the group’s latest oil production plan, saying that market participants and analysts will realize soon that the alliance did the right thing in communicating its intentions. While OPEC extended this weekend most oil output reductions into 2025, it said it could begin unwinding some voluntary cuts after the end of the third quarter of 2024—subject to market conditions.

Saudi Energy Minister, Prince Abdulaziz bin Salman, criticized some analyst comments on the deal and said at an event in Russia on Thursday that the market would soon realize that OPEC did “the right thing,” Bloomberg reported. At the ongoing St Petersburg International Economic Forum, Russia’s Deputy Prime Minister Alexander Novak also said that OPEC did the right thing and aimed to quash doubts about the effectiveness of the deal.

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:

 /  🏆 34. in NG
 

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

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

OPEC Signals Lasting OPEC Alliance in Oil Market ManagementOPEC is preparing to replace the 'call on OPEC' forecast of global demand for the cartel's crude oil with 'call on OPEC crude' in its closely-watched monthly oil market report
Source: OilandEnergy - 🏆 34. / 68 Read more »