Tag: OPEC+

Goldman Sachs maintains its Brent crude oil price forecast at $64 for Q4.

OPEC+ Nations Agree to Ease Production Cuts in September Amid Stable Oil Market Conditions

Oil prices hold steady as traders weigh OPEC+ output increases, U.S. stockpile data

A coming supply surplus and slowing global oil demand are expected to hobble U.S. crude oil production growth later this year, potentially leading to an annual decline in output by ...

The decision, confirmed during OPEC+’s latest meeting, signals a shift in strategy amid concerns over weak oil prices and slowing global demand.

However, the decision has sent oil prices tumbling, exacerbating fears of a potential recession fueled by ongoing trade disputes.

“Expectations of progress in peace negotiations between Russia and Ukraine and a potential easing of U.S. sanctions on Russian oil pressured prices lower.”

Andon Pavlov, an analyst at Kpler suggested that this surge in refined product shipments allows oil producers to bypass crude production limits

Brent crude futures rose by $1.18, or 1.70%, to $70.64 per barrel at 11:23 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed

This strategic move allows Nigeria to stay within its OPEC+ quota of 1.5 million barrels of crude per day