{"id":16672,"date":"2023-06-01T08:37:28","date_gmt":"2023-06-01T12:37:28","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/opec-unlikely-to-deepen-oil-supply-cuts-at-june-4-meeting-sources-say\/"},"modified":"2023-06-01T08:37:29","modified_gmt":"2023-06-01T12:37:29","slug":"opec-unlikely-to-deepen-oil-supply-cuts-at-june-4-meeting-sources-say","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16672","title":{"rendered":"OPEC+ unlikely to deepen oil supply cuts at June 4 meeting, sources say"},"content":{"rendered":"
\n

By Ahmad Ghaddar and Maha El Dahan<\/p>\n

LONDON\/DUBAI (Reuters) – OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters.<\/p>\n

\u00a0\u00a0\u00a0 OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world’s crude and supplies around 60% of the oil export market, meaning its policy decisions can have a major price impact. <\/p>\n

As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May and to continue to the end of the year.<\/p>\n

This was in addition to a 2 million barrels per day (bpd) cut agreed in early October to output targets versus an August 2022 production baseline. It brought total output cuts to 3.66 million bpd, or about 4% of global consumption. <\/p>\n

The group of late has cut by more than its targets mainly because of capacity limitations in West African producers Nigeria and Angola. <\/p>\n

A Reuters survey found the two countries missed their output targets by a combined 600,000 bpd in May, while outages in the Kurdistan Region of northern Iraq meant the country produced 220,000 bpd below its target last month. <\/p>\n

\u00a0\u00a0\u00a0\u00a0The surprise announcement in April helped to drive benchmark prices about $9 per barrel higher to above $87 over the days followed, but Brent has since lost those gains to trade below $73, under pressure from concerns about global economic growth and its impact on fuel demand. \u00a0<\/p>\n

\u00a0\u00a0\u00a0\u00a0Last week, Saudi Energy Minister Prince Abdulaziz bin Salman told investors he said were shorting the oil price to “watch out,” which many market watchers interpreted as a warning of additional supply cuts.<\/p>\n

But Russian Deputy Prime Minister Alexander Novak subsequently said he did not expect any new steps from OPEC+ in Vienna, Russian media reported.<\/p>\n

\u00a0\u00a0\u00a0 “At this precise time, no change for the meeting but as usual, depending on the mood of some, everything can change,” one OPEC+ source said. This view was echoed by three other sources, all of whom asked not to be named. <\/p>\n

\u00a0\u00a0\u00a0\u00a0Two other sources said it was too soon to be sure of the meeting’s outcome.<\/p>\n

Beyond the unexpected April decision, the group has surprised markets several times in recent years.<\/p>\n

In March 2020, it abandoned production quotas altogether, launching a Saudi-Russian price war at the onset of the COVID-19 pandemic that sent oil prices 25% lower. <\/p>\n

It quickly re-established quotas with its biggest output cut to date of about 10 million bpd, agreed in April, 2020.<\/p>\n

\u00a0\u00a0\u00a0 HSBC said in a note on Wednesday it did not expect OPEC+ to change its policy, but that the group may cut output later if an expected market deficit in the second half of the year does not materialise and prices remain below $80 per barrel.<\/p>\n

“We think the current set of cuts, in addition to the stronger oil demand we expect from China and the West from the summer onwards, will bring about a deficit in the market in 2H23,” the bank said. <\/p>\n

OPEC has said it expects oil demand growth to reach 2.33 million bpd this year as non-OPEC supplies grow by 1.4 million bpd. <\/p>\n

\u00a0\u00a0\u00a0 Goldman Sachs (NYSE:) anticipated no change to OPEC+ policy this week, but predicted the group could “utilise some partly offsetting hawkish rhetoric”.<\/p>\n

\u00a0\u00a0\u00a0 The bank also said OPEC+ may act later if prices remain below $80 in the second half of the year. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Ahmad Ghaddar and Maha El Dahan LONDON\/DUBAI (Reuters) – OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters. \u00a0\u00a0\u00a0 OPEC+, which groups the Organization of the Petroleum Exporting Countries and […]<\/p>\n","protected":false},"author":1,"featured_media":2039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-16672","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOPEC+ unlikely to deepen oil supply cuts at June 4 meeting, sources say | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Ahmad Ghaddar and Maha El Dahan LONDON\/DUBAI (Reuters) - OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=16672\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC+ unlikely to deepen oil supply cuts at June 4 meeting, sources say | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"By Ahmad Ghaddar and Maha El Dahan LONDON\/DUBAI (Reuters) - 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