Saudi Arabia & Russia Cuts Oil Production as Germany Plans Desperate Economic Rescue [Video]

Saudi Arabia & Russia Cuts Oil Production as Germany Plans Desperate Economic Rescue

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The OPEC oil cartel, led by Saudi Arabia and its allies, including Russia, took another huge shot at raising lagging crude prices Thursday, extending some supply cuts into next year and bringing up-and-coming oil supplier Brazil into the fold.
Welcome everyone, in today’s video; we’re going to tell you Saudi Arabia and Russia Cuts Oil Production as Germany Plans Desperate Economic Rescue
However, it is bad news for OPEC+ countries, whose oil income boosts their economies and has faced challenges in driving prices higher despite initial fears that the Israel-Hamas conflict would hamper oil flows.
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Saudi Arabia & Russia Cuts Oil Production as Germany Plans Desperate Economic Rescue
Lower oil prices have benefited American motorists, who have been able to fill their gas tanks for less money in recent months.
The OPEC+ oil ministers concluded an online meeting with more than 2 million barrels per day in voluntary cuts for the first three months of next year, and announced that Brazil would join the bloc in January, bringing one of the world’s fastest-growing oil producers into an alliance aimed at limiting global supply.
However, despite significant cuts from OPEC+ and individual member countries since October 2022, there have been no long-term adjustments in oil prices due to concerns about too much crude moving in a worsening global economy, which may lower demand for oil for travel and industry.
Gaza has put oil markets on edge. According to the chief of the International Energy Agency, this may raise the urgency of transitioning to renewables.
Production prices rise as Saudi Arabia and Russia prolong their 1.3 million barrel-per-day production cut until December.
A price restriction on Russian oil aims to deprive Putin of income. But it has largely gone untested. Until today, the market had overlooked the new move, which amounts for around 2% of world supply.
According to Jorge Leon, senior vice president of oil market analysis at Rystad Energy, the OPEC+ conference was “bittersweet” for Saudi Arabia in particular because it was unable to persuade the rest of the group to agree to production cuts.
The market was also dissatisfied, as it “was likely expecting a deal covering the first half of next year,” he stated.
Other energy experts thought the oil bloc’s two-pronged reaction to a slowing market was more effective. Paul Tossetti, executive director of S&P Global Commodity Insights, lauded OPEC+ for its recent “imaginative ways” to address market concerns in the Americas, climate change initiatives, and other matters.
When combined, the bloc’s two measures Thursday serve to “preserve the unity of the group at a challenging time,” according to Bhushan Bahree, another executive director of the organization.
Saudi Arabia led the widening voluntary cutbacks on Thursday, extending its daily reduction of 1 million barrels until March. Russia was next, decreasing 500,000 barrels per day of crude and refined oil products, followed by Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, each with a smaller reduction.
According to the International Monetary Fund’s most recent assessment, Russia wants higher oil prices to boost the main source of money for its conflict with Ukraine, whilst Saudi Arabia needs to earn approximately $86 per barrel to meet their planned spending commitments.

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