OPEC+ ministers met on Sunday to agree further oil production policy steps amid depressed oil prices.
The influential Organization of the Petroleum Exporting Countries met on Sunday in Vienna to iron out next production steps, as global oil prices remain under pressure from broader macro-economic concerns.
OPEC+ also announced in a statement that it will limit combined oil production to 40.463 million barrels per day over January-December 2024. The move of the 23-country alliance follows contentious talks that dragged well into the night on Saturday, as well as a more-than four-hour Sunday meeting of the alliance's Joint Ministerial Monitoring Committee, which recommends, but does not implement, policy.
It remains to be seen if the 2024 reduction in output will offer long-term support to current oil futures prices when markets open on Monday, following months of pressure from global financial turmoil since the start of the year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pivotal OPEC meeting to showcase Russia, Saudi tensionsHere's why the upcoming OPEC meeting will be a 'pivotal' moment as tensions simmer between Russia and Saudi Arabia over global oil supply
Read more »
Saudi plans new oil cuts as part of OPEC+ deal, sources saySaudi Arabia will pledge new voluntary production cuts as part of a broader OPEC+ deal to curb output as the group faces flagging oil prices and a looming supply glut
Read more »
With oil prices slumping, OPEC+ producers weigh more production cutsThe major oil-producing countries led by Saudi Arabia and Russia are deciding whether to make more cuts to the amount of crude they supply to the global economy. Previous cuts from the OPEC+ alliance have done little more than keep prices from falling, and international benchmark Brent crude is only trading around $75 per barrel. That's less than dominant OPEC oil cartel member Saudi Arabia would like. Russia, the leader of the non-OPEC allies, has indicated it doesn't see a need to change production levels. Oil ministers are meeting Sunday to discuss oil output at OPEC headquarters in Vienna.
Read more »
The bull case for Saudi Arabia stocks is growing, but risks remainInvestors are bullish on the country's growth story as it looks to diversify from oil, but certain overhangs weigh on the investment opportunity.
Read more »