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REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsLONDON, Nov 27 (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. 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. 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. This will be followed at 1400 GMT by a meeting of the full policy-making group of OPEC+ ministers, the agenda showed.

Persons: Leonhard Foeger, Ahmad Ghaddar, Alex Lawler, Louise Heavens, Dmitry Zhdannikov, Christina Fincher Organizations: Organization, REUTERS, of, Petroleum, Reuters, OPEC, Thomson Locations: OPEC's, Vienna, Austria, OPEC, Russia, Kuwait, Saudi Arabia, Saudi

One Russian banking source close to the Russian central bank said receiving revenue in a non-convertible currency with little value outside India was "pointless". They said, however, the problem remained of finding a viable alternative to the dollar, and that the problems affect buyers in Africa, China and Turkey which have become top buyers of Russian oil. The biggest issue, however, concerns India, which has been buying more than 60% of Russian seaborne oil, according to LSEG data and Reuters calculations. India's top refiner Indian Oil Corp (IOC.NS) is struggling to settle some payments, mainly for the purchase of Russia's light, sweet Sokol grade from the Sakhalin 1 project. From October, several UAE banks have tightened control over Russia-focused clients to ensure compliance with the price cap, according to five oil trading and bank sources.

Persons: Yang Mei Hu, Tatiana Meel, Ivan Nosov, Sokol, YUAN, Barbara Lewis Organizations: COSCO Shipping, REUTERS, U.S ., UAE, Reuters, Indian Oil Corp, Sokol, IOC, UAE dirhams, Thomson Locations: Nakhodka, Russia, Ukraine Russian, MOSCOW, DELHI, Ukraine, India, Russian, Hong, Africa, China, Turkey, Washington, Moscow, United States, Russia's, Sakhalin, UAE

☆ Exclusive: Greek shippers exit Russian oil trade as U.S. tightens price cap scrutiny
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsMOSCOW/LONDON, Nov 23 (Reuters) - Three major Greek shipping firms have stopped transporting Russian oil in recent weeks in order to avoid U.S. sanctions now being imposed on some shipping firms carrying Russian oil, four traders told Reuters and shipping data showed. Greek shippers Minerva Marine, Thenamaris and TMS Tankers have stopped transporting Russia oil in recent weeks, the four traders said. The Greek shippers' exit from the trade followed tighter U.S. sanctions imposed on Russian oil shipments. The G7 countries introduced a price cap on Russian oil in late 2022, but had not previously enforced it. Russian oil trade has brought record revenues over the past year to the shippers who took the risk and stayed in the business.

Persons: Tatiana Meel, Thenamaris, Minerva, Jonathan Saul, Dmitry Zhdannikov, Eleftherios Papadimas, Susan Fenton Organizations: Nord, REUTERS, Minerva, TMS, Minerva Marine, Reuters, United Arab Emirates, Treasury, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, LONDON, Asia, Turkey, East, Africa, South America, Moscow, Washington, OPEC, U.S, Baltic, India, Primorsk, Ust, Iran, Europe, UAE, Hong Kong, Seychelles, Ghana, Liberia, Cook, London, Athens

☆ Exclusive: OPEC hears bearish message on oil from top swap dealer's presentation
▼ + stars: | 2023-11-22 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsLONDON, Nov 21 (Reuters) - An OPEC technical panel invited a top financial market dealer to give a presentation this week which painted a bearish outlook for the oil market, according to materials from the presentation seen by Reuters. OPEC - the Organization of the Petroleum Exporting Countries - did not immediately reply to a request for comment. London-based Onyx Capital Group is the world's biggest market maker by volume across oil swaps, trading more than 25 billion barrels equivalent a year. The second sell-off, which happened in November, moved the oil market to a collective neutral-to-bearish sentiment, with commercial participants like oil producers and airlines joining financial speculators in seeing a weak outlook. Ministers from OPEC and allies led by Russia, a group known as OPEC+, are due to meet on Sunday to decide on output policy.

Persons: Dado, Greg Newman, Brent, Prince Abdelaziz bin Salman, OPEC's, Onyx, Goldman Sachs, Dmitry Zhdannikov, Jan Harvey Organizations: REUTERS, Reuters ., Onyx Capital, OPEC, Organization of, Petroleum, Onyx, Twitter, Reuters, Saudi Energy, Economic Commission Board, ECB, JPMorgan, BNP, Thomson Locations: OPEC, London, Russia, Saudi Arabia, UAE, Iraq, Kuwait

☆ Explainer: OPEC+ oil policies: what cuts are already in place and what could change
▼ + stars: | 2023-11-21 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023. OPEC+ at its last meeting in June extended oil output cuts of 3.66 million bpd, amounting to 3.6% of global demand, until the end of 2024. That figure comprises a 2 million bpd cut agreed in 2022, and a further 1.66 million bpd in voluntary cuts from nine OPEC+ countries agreed earlier this year. OPEC+ could further revise 2024 targets for Nigeria, Angola and Congo after reviews by outside analysts, it said in June. *** Russia's 500,000 bpd voluntary cut is from March 2023 to December 2024 to around 9.5 million bpd, according to Deputy Prime Minister Alexander Novak.

Persons: Alexander Manzyuk, Alexander Novak, Alex Lawler, Dmitry Zhdannikov, Jason Neely Organizations: REUTERS, OPEC, International Energy Agency, United Arab Emirates, Reuters, Saudi, Thomson Locations: Republic of Tatarstan, Russia, Saudi Arabia, Vienna, OPEC, Nigeria, Angola, Congo, Bahrain, Brunei, Malaysia, Sudan, South Sudan

Concern about demand and a possible surplus next year has pressured prices, despite support from the OPEC+ cuts and conflict in the Middle East. The cuts include 3.66 million bpd by OPEC+ and additional voluntary cuts by Saudi Arabia and Russia. Two other OPEC+ sources said deeper cuts could be discussed. "It is not pleasant to see that market volatility is greater ahead of the next meeting while fundamentals overall remain solid," one of the OPEC+ sources said. While three sources said more cuts could be required, two other OPEC+ sources said it was too early to say whether further cuts will be discussed, while another said he did not think it was likely with the caveat to "wait and see".

Persons: Dado Ruvic, Brent, Olesya Astakhova, Alex Lawler, Ahmad Ghaddar, El, Dmitry Zhdannikov, Simon Webb, David Evans Organizations: REUTERS, Oil, OPEC, Ministers, Organization of, Petroleum, Saudi Energy Ministry, International Energy Agency, Reuters, Energy, Thomson Locations: Saudi Arabia, LONDON, East, Russia, OPEC, Saudi

☆ VIEW Chevron to buy Hess Corp for $53 bln in all-stock deal
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +4 min

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken Feb. 8, 2022. The transaction might also create a peculiar coexistence of the United States' two leading oil majors in Guyana... Hess is geared towards crude production, with oil accounting for 60% of its current output which fits in very nicely with Chevron's similarly oil-focused portfolio. On the deal itself, the Chevron-Hess merger is expected to have a significant impact on the shale oil industry with Chevron becoming the second-largest shale producer in the United States. The merger is also likely to lead to increased M&A and industry consolidation in the North America shale sector.

Persons: Dado Ruvic, bode, Hess, John Hess, PETER MCNALLY, VIKTOR KATONA, KPLER Hess, Chevron, ROBIN HELANDER, Seher Dareen, Ron Bousso, Dmitry Zhdannikov, Mark Potter Organizations: Chevron, REUTERS, Chevron Corp, Hess Corp, Exxon Mobil, ROYAL, Third, Natural Resources, Hess, Thomson, & $ Locations: Guyana, Chevron, North Dakota, United States, North America

☆ Exclusive: Russia’s Lukoil lends Socar $1.5 billion in deal to supply its Turkish STAR refinery
▼ + stars: | 2023-10-05 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +3 min

A general view shows the oil refinery of the Lukoil company in Volgograd, Russia April 22, 2022. Turkey has not imposed sanctions on Russia and continues to import Russian oil and gas. The STAR refinery, however, had to cut Russian crude imports this summer due to complications arising from international financial restrictions on business with Moscow. Neither Lukoil, Socar nor STAR responded to requests for comment. Since cutting imports of Russian oil, it has relied on Kazakh, West African and Iraqi oil grades, according to LSEG data.

Persons: Lukoil, Celeste, Ocean Faye, Socar, Dmitry Zhdannikov, Nailia Bagirova, Kirsten Donovan Organizations: REUTERS, Turkish STAR, Moscow, STAR, Fidelity, Thomson Locations: Volgograd, Russia, Ukraine, MOSCOW, Russian, Turkish, Turkey, Moscow, Urals, Primorsk, Bulgaria, Romania, Dubai, Geneva, Kirkuk, Kazakh, West African, LONDON

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, meet on Oct. 4. The panel, called the Joint Ministerial Monitoring Committee, can call for a full OPEC+ meeting if warranted. Four OPEC+ sources who declined to be named said the committee would probably not make any changes to existing policy during Wednesday's online meeting. With oil rallying, some analysts have cited an increasing probability the Saudi voluntary cuts will be reduced. The next full OPEC+ meeting is not until November.

Persons: Leonhard Foeger, Prince Abdulaziz bin Salman, Ahmad Ghaddar, Maha El, Olesya Astakhova, Alex Lawler, Dmitry Zhdannikov, Emelia Organizations: Organization of, Petroleum, REUTERS, LONDON, Oil, Brent, Saudi Energy Ministry, Saudi Energy, Saudi, OPEC, Thomson Locations: Vienna, Austria, Saudi, Russia, DUBAI, MOSCOW, OPEC, Saudi Arabia

[1/2] The logo of Petroleos Mexicanos (Pemex) is pictured at the company's headquarters in Mexico City, Mexico July 26, 2023. A third senior trading source confirmed that Vitol had resumed business with Mexico. Neither the deals nor the fact that Mexico resumed trading with Vitol have previously been reported. Vitol declined to comment while Pemex and the Mexican government did not respond to requests for comment. Eventually, Pemex officials pulled the plug on contract negotiations after Vitol officials refused their proposed changes to terms.

Persons: Raquel Cunha, Pemex, cargos, Vitol, Arvin, Andres Manuel Lopez Obrador, Octavio Romero, Pemex's Romero, Javier Aguilar, Aguilar, Stefanie Eschenbacher, Ana Isabel Martinez, Dmitry Zhdannikov, Luc Cohen, Marianna Parraga, Florence Tan, Stephen Eisenhammer, Marguerita Choy Organizations: REUTERS, Reuters, U.S . Department of Justice, Thames, Thomson Locations: Mexico City, Mexico, MEXICO, Swiss, Brazil, Ecuador, Liberia, Houston, Pajaritos, Denmark, Tuxpan, Tampico, America, Geneva, U.S, Brooklyn, London, New York, Singapore

BP scaled back its energy transition strategy earlier this year but still stands out among rivals as the only oil major with plans to cut oil and gas output by 2030 by 25%. Auchincloss told staff in a brief town hall meeting on Wednesday that the company's aims were unchanged. As part of his energy transition strategy he had committed to BP reaching net-zero emissions by 2050. BP's strategy came under renewed scrutiny after rival Shell (SHEL.L) slowed down its energy transition strategy in June. "(The BP board) have enough flexibility within the current strategy to focus more on cash flow," a second source close to the company said.

Persons: Chris Helgren, Looney, Murray Auchincloss, Bernard Looney's, Auchincloss, hasn't, Helge Lund, Murray, Ron Bousso, Dmitry Zhdannikov, Jane Merriman, Mark Potter, Elaine Hardcastle Organizations: BP, REUTERS, Board, Investors, Canadian, Reuters, Shell, Thomson Locations: Vancouver , British Columbia, Canada

There is no suggestion the trades break sanctions, although they may make it difficult for sanctions enforcement agencies in Europe and the United States to track Russian oil transactions and prices. The new trading network and practices raise financial risks for Russian oil companies dealing with unknown entities with limited credit history. "We recognise that (sanctions on Russia are) going to change the shape and structure of the Russian oil markets," the official told reporters. In May, Russian seaborne oil supplies to India, which was a rare buyer of Russian oil before the war, reached a record of 1.95 million bpd while China imported 2.29 million bpd. A source with one major Russian oil company said his company was prepared to deal with higher credit risks from buyers for the sake of having stable and rising oil exports.

Persons: Russia's, Rosneft, Everest, Coral, Washington, Lukoil, Dmitry Zhdannikov, Nidhi Verma, Timothy Gardner, Laura Sanicola, Simon Webb, Frank Jack Daniel Our Organizations: NEW, Liberian, Reuters, Shell, Group, European Union, Bellatrix Energy, Leopard, Guron, SEA, Coral Energy, Everest Energy, U.S . Treasury, EU, UK, Treasury, UAE dirham, Shipping, Hindustan Petroleum, Gazprom Neft, Covart Energy, Orion Energy, Media, Rosneft, Nidhi, Thomson Locations: Russia, Ukraine MOSCOW, NEW DELHI, Russia's Ust, Hong Kong, India, Moscow, Asia, Ukraine, Refinitiv, Europe, United States, Australia, China, U.S, UAE, Dubai, Visakhapatnam, Surgutneftegaz, Russian, Geneva, Singapore, Rosneft, Venezuela, MOSCOW, LONDON, Washington, New York

Oil demand growth is an indication of likely oil market strength and forms part of the backdrop for policy decisions by OPEC and its allies, known as OPEC+. OPEC is expected to publish its first demand forecast for 2023 in its monthly report on July 13. Top officials from OPEC countries at a conference this week such as Amin Nasser, chief executive of state-owned oil producer Saudi Aramco, expressed optimism over the oil demand outlook despite economic headwinds weighing on prices. China alone between 2019 and 2023, 3 million bpd growth, India 1 million bpd growth, so there is a pickup in demand," he said. OPEC originally forecast demand growth in 2023 of 2.7 million bpd in its first forecast published in July 2022, later revising it down to 2.35 million bpd.

Persons: Amin Nasser, Ahmad Ghaddar, David Evans Organizations: Saudi Arabian Oil, OPEC, International Energy Agency, IEA, Saudi Aramco, Thomson Locations: VIENNA, OPEC, Saudi, Asia, China, India

But OPEC ministers and executives from oil companies told a two-day conference in Vienna governments needed to turn their attention from supply to demand. But record profits from oil and gas last year and relatively low returns from renewable energy prompted some investors to demand companies renew their focus on oil and gas to raise profits. DEMAND HITS RECORDMeanwhile, oil demand has reached new peaks of above 102 million barrels per day this year, recovering from a dip during the COVID-19 pandemic. It is expected to rise further, driven by strong demand from Asia and for petrochemical production, oil executives and analysts said. The oil industry has long said lower investment in oil and gas in the absence of a reduction in oil demand will only lead to higher prices.

Persons: Bernard Looney, Wael Sawan, Abu, Sultan al Jaber, Patrick Pouyanne, Jean Paul Prates, Prates, Amin Nasser, Dmitry Zhdannikov, Barbara Lewis Organizations: BP, of, Petroleum, Reuters, Bloomberg, Wall Street, Companies, Shell, BBC, Investments, Rystad Energy, Petrobras, PETR4, Saudi Aramco, Thomson Locations: Vienna, VIENNA, Ukraine, Asia, Abu Dhabi

Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. OPEC says it does not have a price target and is seeking to have a balanced oil market to meet the interests of both consumers and producers. But Riyadh has repeatedly rebuffed U.S. calls and Prince Abdulaziz said on Wednesday that new joint oil output cuts agreed by Russia and Saudi Arabia this week have again proven sceptics wrong. ENOUGH FOR NOWThe International Energy Agency has said it expects the oil market to tighten in the second half of 2023, partly because of OPEC+ cuts. Additional oil cuts should be enough to help balance the oil market, United Arab Emirates' energy minister Suhail Al Mazrouei told reporters on Wednesday.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Morgan Stanley, Suhail Al Mazrouei, Mazrouei, Dmitry Zhdannikov, Louise Heavens, Jason Neely, Jan Harvey Organizations: Saudi, Saudi Energy, Wednesday, of, Petroleum, Brent, OPEC, Reuters, Bloomberg, Wall Street, International Energy Agency, United, Thomson Locations: Russia, Saudi Arabia, Russia VIENNA, Saudi, OPEC, United States, Ukraine, Riyadh, United Arab Emirates, UAE

REUTERS/StringerLONDON, June 24 (Reuters) - Following are facts about oil, gas and grains flows in Russia's southern region of Rostov, where the capital Rostov-on-Don was seized by Russian mercenaries. Russia's main grain exporting terminals on the Black Sea are further south, and this area has been unaffected by the developments so far. OIL & GASThe region of Rostov is not a major energy producer but several big oil and gas pipelines cross its territory. Russia is the world's second largest oil exporter after Saudi Arabia. Russia's pipeline monopoly Transneft controls many pump stations on the route, including in the Rostov region.

Persons: Wagner, Stringer LONDON, Don, Vladimir Putin, Yevgeny Prigozhin, Andrey Sizov, Sizov, Dmitry Zhdannikov, Ros Russell Organizations: Southern Military District, REUTERS, Wagner, Reuters, U.S . Department of Agriculture, Thomson Locations: Rostov, Don, Russia, Russia's, Russian, Azov, Saudi Arabia, Novorossiisk, Krasnodar, Voronezh

As part of those reforms, Nigeria, Africa's top oil producer, plans to scrap an old scheme by which it swaps its crude for gasoline imports. We are getting our swaps crude cargo in October at the earliest," one major player said. Nigeria's falling oil production has exacerbated the country's fiscal problems, because it reduces the revenue that could be used to repay debt. PRIVATE IMPORTERSPaying for fuel deliveries with crude cargoes means there is less crude for Nigeria and NNPC's to export, and so less revenue. International monetary experts have long suggested Nigeria remove fuel subsidies and liberalise its foreign exchange to address its fiscal crisis.

Persons: Bola Tinubu, Mele Kyari, Kyari, NNPC, Tinubu, Aliko, Nigeria's, Julia Payne, Dmitry Zhdannikov, Libby George, Dzirutwe MacDonald, David Evans Organizations: Reuters, NNPC, Thomson Locations: BRUSSELS, LONDON, Nigeria

He announced the output cut after the meeting, calling it a "Saudi lollipop". Saudi Arabia said it would cut output in July by 10% or 1 million barrels per day (bpd) to 9 million bpd and may extend cuts further if needed. As well as the Saudi cut, OPEC+ lowered its collective production target for 2024 and the nine participating countries extended the April voluntary cuts to the end of 2024. Nonetheless, all those producers stand to benefit if they can keep output the same or pump a bit more, especially if the Saudi cut boosts prices. "Saudi cuts are playing second fiddle to worries about the state of the global economy," said Stephen Brennock of oil broker PVM, although he added the Saudi cut could widen a supply deficit in July.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Abu, Al Arabiya, Brent, Stephen Brennock, Rowena Edwards, Maha El, Simon Webb, David Evans Organizations: Saudi, Saudi Energy, Organization of, Petroleum, United Arab Emirates, Saudi Energy Ministry, OPEC's, Thomson Locations: Riyadh, Saudi, Saudi Arabia, Vienna, OPEC, Russia, Abu Dhabi, OPEC's Vienna, UAE, Nigeria, Angola, Friday's

☆ Analysis: Saudi Arabia's 'icing on the cake' oil cut could feed US producers
▼ + stars: | 2023-06-05 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +5 min

With the new Saudi reduction, the group has agreed to take some 4.6 million bpd off the market in July, equivalent to 4.6% of global demand of 100 million bpd. OPEC+ also agreed on Sunday to extend the group's existing supply cuts of 3.66 million bpd into 2024. In response, oil prices rose nearly $2 a barrel early on Monday to $78 per barrel . "This market needs stabilisation," Saudi Energy Minister Prince Abdulaziz bin Salman said on Sunday, calling his surprise decision to deepen Saudi production cuts "the icing on the cake" for the deal. So far this year, a weakening global economy, concern about the U.S. banking crisis, and a slow Chinese recovery from COVID-19 restrictions have capped oil prices.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Natasha Kaneva, Morgan, Tamas Varga, Jorge Leon, Sunday's, JPM, Kaneva, Alex Lawler, Ahmad Ghaddar, el, Dmitry Zhdannikov, Simon Webb, Barbara Lewis Organizations: Saudi Energy, OPEC, White, International Energy Agency, Rystad Energy, United, Thomson Locations: Saudi, Saudi Arabia, OPEC, U.S, Russia, Ukraine, Riyadh, United States, States, COVID, Angola, Nigeria, United Arab Emirates

Saudi's energy ministry said the country's output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years. "This is a Saudi lollipop," Saudi Energy Minister Prince Abdulaziz told a news conference. EXTENSION TO END OF 2024OPEC+ has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April. In addition to extending the existing OPEC+ cuts of 3.66 million bpd, the group also agreed on Sunday to reduce overall production targets from January 2024 by a further 1.4 million bpd versus current targets to a combined of 40.46 million bpd. By contrast, the United Arab Emirates was allowed to raise output targets by around 0.2 million bpd to 3.22 million bpd.

Persons: Prince Abdulaziz, Brent, Amrita Sen, Gary Ross, Giovanni Staunovo, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes, Barbara Lewis Organizations: Saudi, UAE, Saudi Energy, Organization of, Petroleum, Brent, OPEC, Analysts, Energy, Veteran OPEC, Black Gold, UBS, United Arab, Thomson Locations: Russian, Angolan, VIENNA, Saudi Arabia, OPEC, Saudi, Russia, Ukraine, Nigeria, Angola, United Arab Emirates

Four sources familiar with OPEC+ discussions have told Reuters that additional production cuts were being discussed among options for Sunday's session. Three out of four sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, the new cut would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. Typically, production cuts take effect the month after they are agreed but ministers could also agree a later implementation. Three OPEC+ sources also said the group will address the issue of baselines for 2023 and 2024, from which each member performs cuts.

Persons: Prince Abdulaziz, Sunday's, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, Hugh Lawson, Emelia Organizations: OPEC, Organization of, Petroleum, Reuters, Brent, Saudi Arabia's Energy, Thomson Locations: VIENNA, Nigeria, Angola, OPEC, Russia, West, UAE, Ukraine, China, India

Three OPEC+ sources told Reuters on Friday cuts were being discussed among options for Sunday's session, when OPEC+ ministers gather at 2 p.m. (1200 GMT) in Vienna. The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices. "There is simply too much supply," the JPMorgan analysts said in a note, noting extra cuts could amount to around 1 million bpd.

Persons: Leonhard, Russia's Novak, Hayan Abdel, Ghani, Suhail Al Mazroui, Prince Abdulaziz, Alexander Novak, Novak, Edward Moya, OANDA, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes Organizations: Austrian, REUTERS, LONDON, OPEC, Organization of, Petroleum, Reuters, UAE's Energy, Brent, Saudi Arabia's Energy, International Energy Agency, JPMorgan, Thomson Locations: Vienna, Austria, Saudi, OPEC, Russia, Ukraine, China, India, Russian

Three OPEC+ sources told Reuters on Friday that cuts were being discussed among options for Sunday's session. The three sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. Typically production cuts take effect the month after they are agreed, but ministers could also agree a later implementation. Two OPEC sources said the ministers could also discuss new production baselines from which each member performs cuts.

Persons: Leonhard, Hayan Abdel, Ghani, Suhail Al Mazroui, Prince Abdulaziz, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes, Frances Kerry, Christina Fincher Organizations: Austrian, REUTERS, OPEC, Organization of, Petroleum, Reuters, UAE's Energy, Brent, Saudi Arabia's Energy, International Energy Agency, JPMorgan, Thomson Locations: Vienna, Austria, Saudi, OPEC, VIENNA, Russia, Ukraine, China, India, West, Nigeria, Angola, UAE

☆ OPEC denies media access to Reuters, Bloomberg, WSJ for weekend policy meets
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Leonhard FoegerVIENNA, June 2 (Reuters) - OPEC has denied media access to reporters from Reuters, Bloomberg and the Wall Street Journal to report on oil policy meetings in Vienna this weekend, reporters, Bloomberg and people familiar with the matter said on Friday. OPEC staff declined on Friday to give media accreditation to Reuters journalists to cover the event. The staff handling media accreditation at one of Vienna's luxury hotels said they could not issue accreditation without an invite. A Bloomberg spokesperson confirmed on Friday the company has not been given accreditation to cover the OPEC meeting. Reporters from the three outlets, many of whom have been covering OPEC meetings for years, did not receive invitations from OPEC ahead of the meeting.

Persons: Leonhard Foeger VIENNA, Platts, Alex Lawler, Dmitry Zhdannikov, Ahmad Ghaddar, Julia Payne, Maha El, Simon Webb, Marguerita Choy Organizations: Organization of, Petroleum, REUTERS, OPEC, Reuters, Bloomberg, Wall Street Journal, of, Thomson Reuters Corp, Thomson, Street, Argus Locations: Vienna, Austria, OPEC, Saudi Arabia, Russia

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