The market’s reaction to the OPEC+ voluntary cuts announcement was a further decline in oil prices.
Brent crude futures were down 0.9%, or 73 cents, to US$78.15 a barrel by 0735 GMT, while U.S. West Texas Intermediate crude futures were at US$73.43 a barrel, down 0.8%, or 64 cents
A recent investigation by the Centre for Climate Reporting and Channel 4 News showed Saudi officials saying they were trying to artificially increase oil demand in some markets
The total number of active drilling rigs in the United States rose by 3 this week after rising by 4 last week, according to new data that Baker Hughes published Friday.
OPEC+ through its cuts has the oil market set up for a small deficit in Q1 2024
Opec has hit back at the latest research on transition in the oil and gas sector released by the International Energy Agency (IEA), claiming the report aims to “vilify” the industry while ignoring the quest to secure energy supplies for global economies.
Despite the dramatic reaction of oil markets to news that the OPEC+ meeting would be postponed, oil prices are set to end the week with little real change as traders now await the outcome of the November 30th meeting.
LONDON: Oil prices tanked 4 percent on Wednesday as OPEC+ producers unexpectedly delayed a meeting on output planned for Sunday, raising questions about the future course of crude production cuts.
Brent crude futures rose 14 cents, or 0.17%, to US $82.59 a barrel by 0800 GMT. U.S. West Texas Intermediate crude futures rose 13 cents, or 0.17%, to US $77.90
Oil prices crashed by 4% early on Wednesday morning after confirmation that this weekend’s OPEC+ meeting would be postponed.