{"id":89291,"date":"2023-11-29T10:10:14","date_gmt":"2023-11-29T15:10:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/opec-looking-at-deeper-oil-cuts-ahead-of-thursday-meeting\/"},"modified":"2023-11-29T10:10:18","modified_gmt":"2023-11-29T15:10:18","slug":"opec-looking-at-deeper-oil-cuts-ahead-of-thursday-meeting","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89291","title":{"rendered":"OPEC+ looking at deeper oil cuts ahead of Thursday meeting"},"content":{"rendered":"
\n

By Alex Lawler and Ahmad Ghaddar<\/p>\n

LONDON (Reuters) -OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers, an OPEC+ source said on Monday.<\/p>\n

Several analysts have said they expect OPEC+ to extend or even deepen supply cuts into next year in order to support prices, which on Monday were trading just above $80 a barrel, down from near $98 in late September.<\/p>\n

An OPEC+ source said he expected there to be an option for a “collective further reduction” on Thursday, without providing details. OPEC+ sources earlier this month said the group was set to consider additional cuts.<\/p>\n

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, will begin its online meetings to decide oil output levels at 1300 GMT on Thursday, according to a draft agenda seen by Reuters on Monday.<\/p>\n

The meeting was delayed from Nov. 26. OPEC+ sources said this was because of a disagreement over output levels for African producers, although sources have since said the group has moved closer to a compromise on this point.<\/p>\n

OPEC member Kuwait is committed to any decisions issued by OPEC, especially those that concern market quotas and oil production, the country’s oil ministry said in a post on social media platform X.<\/p>\n

On Thursday at 1300 GMT, ministers on an advisory panel called the Joint Ministerial Monitoring Committee hold talks. This will be followed at 1400 GMT by a meeting of the full policy-making group of OPEC+ ministers, the agenda showed.<\/p>\n

Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022.<\/p>\n

This includes Saudi Arabia’s additional voluntary production cut of 1 million bpd which is due to expire at the end of December, and a Russian export cut of 300,000 bpd also until the end of the year.<\/p>\n<\/div>\n

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

By Alex Lawler and Ahmad Ghaddar LONDON (Reuters) -OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers, an OPEC+ source said on Monday. 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