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Top related persons:
Prince Abdulaziz bin Salman - 2 Neil Unmack - 2 Brent - 1 Yawen Chen - 1 Hong Kong - 1 Streisand Neto - 1 Goldman Sachs - 1 Abdulaziz’s - 1
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Saudi Russia U.S China Washington OPEC Saudi Arabia Gulf Coast
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Organization of - 2 Petroleum - 2 Thomson - 2 X - 1 Hong - 1 of - 1 OPEC - 1 International Energy Agency - 1

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2 mentions found


☆ Saudi’s sweetened oil lollipop betrays its nerves
  + stars: | 2023-09-06 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Sept 6 (Reuters Breakingviews) - Prince Abdulaziz bin Salman thinks he needs to sweeten his oil lollipop. The Saudi energy minister has announced that the world’s top oil exporter will extend its 1 million barrels a day production cuts for another three months until the end of this year. On the surface, global trends are helpful for oil, reducing the need for extended OPEC+ cuts. Besides uncertainties over the effectiveness of China’s latest property measures, one surprise has been the strength of Iranian supplies, which are set to rise by 1 million barrels this year to 3.5 million barrels per day by late September. Moreover, Washington may not sit idly by if higher oil prices sabotage the Federal Reserve’s inflation target and damage the economy.
Persons: Prince Abdulaziz bin Salman, Brent, Yawen Chen, Hong Kong, Neil Unmack, Streisand Neto Organizations: Reuters, Organization of, Petroleum, X, Hong, Thomson Locations: Saudi, Russia, U.S, China, Washington
☆ OPEC’s oil sweet spot may not last long
  + stars: | 2023-08-11 | by ( Yawen Chen | ) www.reuters.com   time to read: +5 min
True, a likely El Niño weather event could bring a colder winter, boosting demand for gas and oil. Saudi Arabia has already extended its extra million barrels per day cut until September. At the same time Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August and September. Saudi Arabia told OPEC that it cut output by 943,000 barrels per day (bpd) in July to 9.013 million bpd, Reuters reported on Aug. 10. OPEC’s total output fell by 836,000 bpd to 27.31 million bpd in the same month.
Persons: Prince Abdulaziz bin Salman, Goldman Sachs, Abdulaziz’s, Joe Biden, Neil Unmack, Oliver Taslic Organizations: Reuters, of, Petroleum, OPEC, International Energy Agency, Federal Reserve, Traders, U.S, Federal, Organization of, Brent, West Texas, Thomson Locations: Saudi, Russia, OPEC, Saudi Arabia, U.S, China, Gulf Coast, Iran
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