{"id":17345,"date":"2023-06-02T15:16:17","date_gmt":"2023-06-02T19:16:17","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/opec-unlikely-to-agree-bigger-oil-cuts-on-sunday-sources-say\/"},"modified":"2023-06-02T15:16:18","modified_gmt":"2023-06-02T19:16:18","slug":"opec-unlikely-to-agree-bigger-oil-cuts-on-sunday-sources-say","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17345","title":{"rendered":"OPEC+ unlikely to agree bigger oil cuts on Sunday, sources say"},"content":{"rendered":"
\n

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

VIENNA (Reuters) – OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was still unclear.<\/p>\n

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

Two OPEC+ sources said they did not expect the group to agree further output cuts on Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT). Before then, OPEC ministers will meet at 11 a.m. on Saturday.<\/p>\n

Saudi Energy Minister Prince Abdulaziz bin Salman and his counterparts from Algeria and the United Arab Emirates are among those expected to arrive in Vienna later on Friday, sources said. <\/p>\n

As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May, adding to a 2 million barrels per day (bpd) reduction agreed last year.<\/p>\n

Western nations have accused OPEC of manipulating oil prices and undermining the global economy through high energy costs.<\/p>\n

In return, OPEC officials and insiders have said the West’s money-printing over the last decade has driven inflation and forced oil-producing nations to act to maintain the value of their main export.<\/p>\n

“We will never hesitate to take any decision to achieve more balance and stability (on) the global oil market,” Iraq’s oil minister Hayan Abdel-Ghani said on arriving in Vienna.<\/p>\n

The surprise output announcement in April helped to drive oil prices about $9 per barrel higher to above $87, but they swiftly retreated, under pressure from concerns about global economic growth and demand. On Friday, international benchmark was trading around $76.<\/p>\n

Last week, Prince Abdulaziz said investors who were shorting the oil price should “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

The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.<\/p>\n

Analysts at JP Morgan, however, said OPEC had not acted quickly enough to adjust supply to a sluggish economic recovery and high levels of U.S. fuel output.<\/p>\n

“One thing is clear: the alliance waited too long to reduce supply. The alliance – or at least some members – would likely need to cut more,” analysts from JP Morgan said in a note.<\/p>\n

Rapidan Energy Group analysts put the chances of a further cut at 40%.<\/p>\n

“Ministers are determined to avoid a repeat of 2008, when a sudden collapse in global economic and financial stability sent crude prices from over $140 to $35 in six months,” they wrote. <\/p>\n<\/div>\n

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

By Maha El Dahan, Alex Lawler and Ahmad Ghaddar VIENNA (Reuters) – OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome […]<\/p>\n","protected":false},"author":1,"featured_media":17346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-17345","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 agree bigger oil cuts on Sunday, sources say | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Maha El Dahan, Alex Lawler and Ahmad Ghaddar VIENNA (Reuters) - OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on\" \/>\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=17345\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC+ unlikely to agree bigger oil cuts on Sunday, sources say | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"By Maha El Dahan, Alex Lawler and Ahmad Ghaddar VIENNA (Reuters) - 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