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Saudi Arabia, Russia and other members of OPEC+ pump more than 40% of the world's oil, or some 43 million bpd. Two OPEC+ sources told Reuters a preliminary agreement has been reached for a cut of more than 1 million bpd. This would include Saudi Arabia extending the voluntary cut of 1 million bpd it has had in place since July plus additional contributions from other members, sources said. "It depends on other group participants, could be near or more," the third source said when asked about the possible 1 million bpd cut. The OPEC+ meeting coincides with the opening of the United Nations' COP28 climate summit being hosted by OPEC member the United Arab Emirates.

Persons: Dado Ruvic, Helima Croft, Alex Lawler, Olesya Astakhova, Maha El Dahan, Ahmad Ghaddar, David Goodman, Jason Neely Organizations: REUTERS, OPEC, Reuters, Saudi, Brent, RBC Capital Markets, International Energy Agency, United Nations, United, United Arab Emirates, Thomson Locations: OPEC, MOSCOW, DUBAI, Saudi Arabia, Russia, United Arab

REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsDUBAI/LONDON, Nov 29 (Reuters) - OPEC+ is continuing to hold talks on 2024 oil policy, with no delay to a meeting scheduled for Thursday currently expected, two sources from the producer group said on Wednesday. On Tuesday, sources had said a further delay to the meeting was possible amid talks which one of them described as difficult as countries maintained their positions. "The negotiations are ongoing, but no delay is expected," one of the sources said. OPEC+ sources said this was because of a disagreement over output quotas for African producers, though sources since said the group had moved closer to a compromise on this point. OPEC+ talks over production quotas have often been difficult in the past, most recently at their June meeting, which extended existing oil output cuts into 2024 and agreed the increase for the UAE because of its efforts to expand production capacity.

Persons: Dado, Maha El, Olesya Astakhova, Alex Lawler, Ahmad Ghaddar, Mark Potter, Kim Coghill Organizations: REUTERS, Rights, United, Brent, OPEC, Thomson Locations: Rights DUBAI, LONDON, OPEC, United Arab Emirates, UAE, Saudi Arabia, Russia, Saudi

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. "According to delegates, Saudi Arabia is demanding lower production quotas from the other OPEC+ countries. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. A weaker dollar typically bolsters oil demand, making dollar-denominated oil less expensive for buyers using other currencies.

Persons: Andrew Kelly, Waller, Phil Flynn, Commerzbank's Carsten Fritsch, Christopher Waller, Stephanie Kelly, Alex Lawler, Natalie Grover, Kim Coghill, David Goodman, David Gregorio Our Organizations: REUTERS, Brent, . West Texas, Organization of, Petroleum, Price Futures Group, United, Reuters, American Petroleum Institute, The U.S, Federal, Thomson Locations: Manhattan , New York City, U.S, Russia, Chicago, Angola, Nigeria, Saudi Arabia, Kuwait, United Arab Emirates

☆ Oil rises, Brent tops $80 ahead of OPEC+ meeting
▼ + stars: | 2023-11-28 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss production targets for 2024. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. Four analysts polled by Reuters estimated that the latest round of weekly U.S. supply reports will show crude inventories fell by about 2 million barrels.

Persons: Andrew Kelly, Tamas Varga, Alex Lawler, Sudarshan, Kim Coghill, David Goodman Organizations: REUTERS, of, Petroleum, Brent, . West Texas, Reuters, American Petroleum Institute, Thomson Locations: Manhattan , New York City, U.S, OPEC, Russia, Saudi Arabia

The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - OPEC+ talks on 2024 oil policy are difficult, making a rollover of the previous agreement a possibility rather than deeper production cuts, four OPEC+ sources said on Tuesday. Two of the sources said an additional cut - a step that sources have said would be looked at - was not being actively discussed. OPEC+ sources said this was because of a disagreement over output levels for African producers, though sources have since said the group has moved closer to a compromise on this point. OPEC's previous meeting in June had already extended output cuts into 2024.

Persons: Leonhard Foeger, Brent, Maha El Dahan, Ahmad Ghaddar, Olesya, Alex Lawler, Kirsten Donovan, Susan Fenton, David Goodman Organizations: Organization, REUTERS, of, Petroleum, Reuters, OPEC, Thomson Locations: OPEC's, Vienna, Austria, OPEC, Russia, Saudi Arabia, Saudi

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

The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsLONDON/MOSCOW, Nov 24 (Reuters) - OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, four OPEC+ sources told Reuters, after disagreements over those targets forced the group of oil-producing nations to postpone a key meeting. As of October, Angola was pumping less than its quota for 2024, according assessments by independent sources cited by OPEC. Nigeria is pumping close to its 2024 quota of 1.38 million bpd but less than a 2024 level of 1.58 million bpd being considered for it subject to independent assessments. The market is also waiting to see if Saudi Arabia extends its additional 1 million bpd voluntary production cut, which is due to expire at the end of December.

Persons: Leonhard Foeger, OPEC Gabriel Tanimu Aduda, Maha El, Jason Neely Organizations: Organization, REUTERS, Reuters, of, Petroleum, Brent, OPEC, Thomson Locations: OPEC's, Vienna, Austria, MOSCOW, Angola, Nigeria, Russia, OPEC, Saudi Arabia, Maha El Dahan, Dubai

OPEC+ said after its last meeting in June that the 2024 output quotas of Angola, Nigeria and Congo were conditional on reviews by outside analysts. "The postponement of the meeting also shows there are some different views among the group participants." A view of logo of the Organization of the Petroleum Exporting Countries (OPEC) at their headquarters in Vienna, Austria, June 2, 2023. Saudi Arabia, Russia and other OPEC+ members have already pledged 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. 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.

Persons: Giovanni Staunovo, Brent, Leonhard Foeger, Alexander Novak, Prince Abdulaziz bin Salman, Helima Croft, Croft, Nadine Awadalla, Nayera Abdalla, Ahmad Ghaddar, Vladimir Soldatkin, El, Alex Lawler, Jason Neely, Mark Potter, Kirsten Donovan, Deepa Babington Organizations: Oil, DUBAI, Organization of, Petroleum, REUTERS, Russian, Saudi Energy, OPEC, RBC Capital, Bloomberg News, Thomson Locations: LONDON, OPEC, Angola, Nigeria, Congo, Russia, Vienna, Austria, OPEC's Vienna, Saudi Arabia

A view of logo of the Organization of the Petroleum Exporting Countries (OPEC) at their headquarters in Vienna, Austria, June 2, 2023. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsSummary OPEC+ had been scheduled to meet on SundayOil drops almost 5% as delay raises questions about output cutsDelay shows there are some different views in group - analystDUBAI/LONDON, Nov 22 (Reuters) - OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts to Nov. 30 from Nov. 26, OPEC said in a statement on Wednesday, a surprise development that sparked a further drop in oil prices. The delay to the meeting into next week might be to allow more time for countries to discuss both compliance with existing output cuts and potential additional cuts, an OPEC+ source said, declining to be named. Saudi Arabia, Russia and other OPEC+ members have already pledged 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. 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.

Persons: Leonhard Foeger, Giovanni Staunovo, Brent, Helima Croft, Nadine Awadalla, Nayera Abdalla, Ahmad Ghaddar, Vladimir Soldatkin, El, Alex Lawler, Jason Neely, Mark Potter, Kirsten Donovan Organizations: Organization of, Petroleum, REUTERS, Sunday, DUBAI, RBC Capital, Bloomberg News, Thomson Locations: Vienna, Austria, LONDON, Russia, OPEC, OPEC's Vienna, Saudi Arabia

☆ 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

The IEA joins the Organization of the Petroleum Exporting Countries in raising its oil demand growth forecast for 2023. Demand in 2023 has been supported by resilient U.S. deliveries and record September demand from China, the IEA said. SLOWDOWN IN VIEWFor 2024, the IEA raised its oil demand growth forecast to 930,000 bpd from 880,000 bpd. OPEC and the IEA have clashed in recent years over issues such as the long-term oil demand outlook and the need for investment in new supplies. The IEA said the 2024 demand slowdown will arise as "the last phase of the pandemic economic rebound dissipates and as advancing energy efficiency gains, expanding electric vehicle fleets and structural factors reassert themselves."

Persons: Pascal, Brent, Natalie Grover, Alex Lawler, David Goodman, Jason Neely, David Evans Organizations: IPC Petroleum France, REUTERS, International Energy Agency, OPEC, IEA, Organization of, Petroleum, Thomson Locations: Soudron, Reims, France, Paris, Saudi Arabia, Russia, China, Libya, OPEC, Saudi, London

The decision by Saudi Arabia and Russia to extend the voluntary cuts drove up oil prices to over $90 a barrel in late September. Saudi crude exports to China rose to nearly 1.6 million bpd in September, up from 1.2 million bpd in August and 1.37 million bpd in July, Kpler data showed. U.S. CRUDE EXPORTS FALLAs the U.S. sees less crude imports, it has exported less oil to Europe. U.S. crude exports to Europe fell to 1.86 million bpd in September and 1.84 million bpd in August, from 2.01 million bpd in July, Kpler data showed. Tight supply led the premium for front-month Brent crude futures to rise to as much as $3.26 a barrel above the second month , the highest since 2022.

Persons: Lucy Nicholson, Matt Smith, Smith, refiners, Vortexa's Rohit Rathod, Adi Imsirovic, Brent, Stephanie Kelly, Alex Lawler, David Gregorio Our Organizations: Port, REUTERS, Brent, Organization of, Petroleum, Total U.S, Americas, Kpler, West, Surrey Clean Energy, CSIS, Midland, P, Insights, Thomson Locations: Port of Long Beach, Port of Los Angeles, Los Angeles , California, U.S, Saudi Arabia, Europe, Russia, Nigeria, Algeria, Saudi, China, Richmond , California, Los Angeles, Midland, Brent

☆ World oil, gas, coal demand to peak by 2030, IEA says
▼ + stars: | 2023-10-24 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

The report from the IEA, which advises industrialised countries, contrasts with the view of oil producer group the Organization of the Petroleum Exporting Countries, which sees oil demand rising long after 2030 and calls for trillions in new oil sector investment. In its annual World Energy Outlook released on Tuesday, the IEA said peaks in oil, natural gas and coal demand were visible this decade in its scenario based on governments' current policies - the first time this has happened. "The transition to clean energy is happening worldwide and it's unstoppable. "Governments, companies and investors need to get behind clean energy transitions rather than hindering them." The IEA also sees China's role as a key source of energy demand growth changing.

Persons: Sun, Siphiwe, Fatih Birol, Alex Lawler, Jonathan Oatis Organizations: Kendal Power, REUTERS, International Energy Agency, Organization of, Petroleum, trillions, Energy, IEA, U.S, Thomson Locations: Kendal, Witbank, Mpumalanga, South Africa, Paris, China, OPEC

Unlike Russia, one of the world's top oil and gas producers, Israel has very modest energy production. But there is a risk the war could spread to major energy producers in the Middle East and affect oil and gas flows. Second, a deal being brokered by Washington to normalise relations between Saudi Arabia and Israel, which could see the kingdom increase oil output, could be derailed. Saudi Arabia told the White House it is willing to boost oil production early next year to help secure the deal, the Wall Street Journal reported last week. Russian Deputy Prime Minister Alexander Novak added on Thursday that current oil prices factored in the conflict and reflected the market's belief that risks posed by the clashes were not that high.

Persons: Dado Ruvic, Brent, David Goldwyn, Rob Thummel, Janet Yellen, Iranian Oil Minister Javad Owji, Joe Biden, Helima Croft, Biden, Ben Cahill, Prince Abdulaziz, Alexander Novak, Vladimir Putin, Natalie Grover, Ahmad Ghaddar, Alex Lawler, Laura Sanicola, Kirsten Donovan, Cynthia Osterman Organizations: REUTERS, Hamas, U.S . State Department, Tortoise, Iran, U.S, Treasury, Iranian Oil Minister, RBC Capital Markets, Macquarie, SAUDI, Israel, Wall Street, Washington, Strategic, International Studies, Saudi Arabia's Energy, CNBC, OPEC, Organization of, Petroleum, Thomson Locations: Israel, Ukraine, Russia, U.S, Iran, Hormuz, Washington, Saudi Arabia, Strait, Riyadh, Moscow, United States, Tehran, Washington . Saudi Arabia, Saudi, OPEC, London, New York

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsSummary IEA trims 2024 oil demand forecast to 880,000 bpdOPEC sticks to 2024 forecast of 2.25 million bpdIEA cites signs of demand destruction from higher pricesLONDON, Oct 12 (Reuters) - The gap between two leading oil forecasters' views on 2024 demand growth widened on Thursday, with the International Energy Agency (IEA) predicting a sharper slowdown while producer group OPEC stuck to expectations for buoyant China-led growth. By contrast, in its latest report OPEC stuck to its forecast that demand will rise by 2.25 million bpd in 2024. The difference between the two forecasts - 1.37 million bpd - is equivalent to more than 1% of daily world oil use. Oil demand growth is an indication of likely oil market strength, and can affect prices and fuel costs for consumers and businesses. "In 2024, solid global economic growth, amid continued improvements in China, is expected to further boost oil consumption," OPEC said in a monthly report.

Persons: Nick Oxford, Natalie Grover, Alex Lawler, Jason Neely, Susan Fenton, Jan Harvey Organizations: Midland , Texas U.S, REUTERS, International Energy Agency, of the Petroleum, IEA, OPEC, Economic Co, Development, Thomson Locations: Midland , Texas, China, OPEC, Israel, Palestinian, Nigeria, Pakistan, Egypt, United States, London

☆ OPEC sticks to 2024 oil demand growth forecast
▼ + stars: | 2023-10-12 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 12 (Reuters) - OPEC on Thursday stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs of a resilient world economy so far this year and expected further demand gains in China. A lifting of pandemic lockdowns in China has helped oil demand rise in 2023. OPEC has consistently forecast stronger demand growth for next year than other forecasters such as the International Energy Agency. "In 2024, solid global economic growth, amid continued improvements in China, is expected to further boost oil consumption," OPEC said in the report. The OPEC report also said OPEC oil production rose in September despite pledged OPEC+ supply cuts, driven by increases in Nigeria, Saudi Arabia and Kuwait.

Persons: Dado Ruvic, Alex Lawler, Jason Neely Organizations: REUTERS, Organization of, Petroleum, OPEC, International Energy Agency, for Economic Co, Development, Thomson Locations: China, OPEC, Europe, Nigeria, Saudi Arabia, Kuwait

LONDON, Oct 12 (Reuters) - The International Energy Agency (IEA) lowered its oil demand growth forecast for 2024 on Thursday, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. The Paris-based agency in its monthly report lowered its 2024 demand growth forecast to 880,000 barrels per day (bpd) from its previous forecast of 1 million bpd. However, it raised its 2023 demand forecast to 2.3 million bpd from a forecast of 2.2 million. In September, global benchmark Brent hit 10-month highs after Saudi Arabia and Russia extended their combined 1.3 million bpd cuts until the end of the year. However, prices dropped dramatically last week as a darkening macroeconomic outlook intensified fears of slower demand growth, eclipsing supply concerns.

Persons: Natalie Grover, Alex Lawler, Jason Neely Organizations: International Energy Agency, OPEC, Brent, Thomson Locations: Paris, OPEC, Saudi Arabia, Russia, London

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo Acquire Licensing RightsLONDON/DUBAI, Oct 6 (Reuters) - OPEC has raised its medium- and long-term oil demand outlook in a forthcoming report, three OPEC sources said, despite the transition toward renewable energy, highlighting the oil exporting group's more bullish view compared to other forecasters. Higher oil demand would be a boost for producers and the 13-nation OPEC and would underscore the need for continued investment. It also highlights OPEC's more bullish view on the oil demand outlook compared to the International Energy Agency (IEA) and other forecasters. The 2022 version of OPEC's report sees oil demand reaching a plateau after 2035.

Persons: Ramzi Boudina, Haitham Al Ghais, Prince Abdulaziz bin Salman, Fatih Birol, Alex Lawler, Maha El, Simon Webb, Sharon Singleton Organizations: Organization of, Petroleum, REUTERS, OPEC, of, International Energy Agency, Saudi Energy, IEA, Financial Times, Thomson Locations: Algiers, Algeria, DUBAI, Riyadh, Saudi Arabia, OPEC, Vienna

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, held an online meeting. The panel, named the Joint Ministerial Monitoring Committee, can call for a full OPEC+ meeting if warranted. Saudi Energy Minister Prince Abdulaziz bin Salman, who chairs the JMMC, last month said OPEC+ cuts were needed to stabilise the market, and prices were not being targeted. Ahead of the meeting, OPEC+ sources had told Reuters that policy was likely to remain steady although with oil rallying, some analysts had cited an increasing probability the Saudi voluntary cuts will be reduced. The next JMMC meeting is on Nov. 26, the statement said, the same day as the next scheduled full meeting of OPEC+ to decide policy.

Persons: Ramzi Boudina, Prince Abdulaziz bin Salman, Ahmad Ghaddar, Olesya Astakhova, El, Alex Lawler, Simon Cameron, Moore, Elaine Hardcastle Organizations: Organization of, Petroleum, REUTERS, LONDON, Oil, Brent, Saudi, Saudi Energy, Reuters, Thomson Locations: Algiers, Algeria, Saudi Arabia, Russia, MOSCOW, DUBAI, OPEC, Saudi

☆ OPEC oil output rises for second month on Nigeria, Iran - Reuters survey
▼ + stars: | 2023-10-02 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Last month, the Organization of the Petroleum Exporting Countries pumped 27.73 million barrels per day (bpd), the survey found, up 120,000 bpd from August. Iran, which has been boosting supply despite U.S. sanctions, also pumped more, with output hitting the highest level since 2018. The second-largest increase came from Iran, the survey found, which pushed output to 3.15 million bpd. Output from the 10 OPEC members that are subject to OPEC+ supply cut agreements rose by 80,000 bpd, the survey found. Top exporter Saudi Arabia kept August and September output close to 9 million bpd, the survey found, as the country extended a voluntary 1 million bpd output cut to provide extra support for the market.

Persons: Ramzi Boudina, Ahmad Ghaddar, Sharon Singleton Organizations: Organization of, Petroleum, REUTERS, LONDON, Reuters, Analysts, OPEC, Saudi, United Arab, Petro, Logistics, Thomson Locations: Algiers, Algeria, Nigeria, Iran, Saudi Arabia, Washington, OPEC, Iraq, United Arab Emirates, Angola

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

☆ Will oil hit $100? It already did in some markets
▼ + stars: | 2023-09-18 | by ( Alex Lawler | ) www.reuters.com time to read: +1 min

LONDON, Sept 18 (Reuters) - With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of crude oil are already trading above that milestone, highlighting an expectation of tight supply. The outright price of Nigerian crude Qua Iboe surpassed $100 a barrel on Monday, according to LSEG data . "The overall situation is that Saudi Arabia and Russia are in solid control of the oil market," Schieldrop said. Brent oil futures, a global benchmark , traded as high as $94.89 on Monday and the related benchmark used for trading much of the world's physical cargoes, called dated Brent , stood just above $96 according to LSEG. Schieldrop said dated Brent is highly likely to move above $100 as "only noise is needed to bring it above."

Persons: Bjarne Schieldrop, Schieldrop, Brent, Giovanni Staunovo, Alex Lawler, David Evans Organizations: LSEG, UBS, Thomson Locations: Saudi Arabia, Russia, OPEC, Swiss

Still, oil demand at the world's biggest oil importer has so "far remained remarkably unaffected by its economic downturn", the IEA said. Estimates of global demand and supply this year and next differ markedly depending on the forecaster. The IEA estimates 2023 global demand to grow by 2.2 million bpd, while OPEC expects growth of 2.44 million bpd. The IEA expects growth to slow sharply to 1 million bpd, while OPEC has a far rosier estimate of 2.25 million bpd. Meanwhile, the U.S government's Energy Information Administration has forecast demand growth at 1.81 million bpd for 2023 and 1.36 million bpd next year.

Persons: Jean, Paul Pelissier, Tamas Varga, PVM, Natalie Grover, Alex Lawler, Louise Heavens, Jason Neely Organizations: REUTERS, Rights Companies, Rights Companies Danang Petroleum Machinery Technology JSC, International Energy Agency, OPEC, Brent, IEA, U.S government's Energy, Administration, Thomson Locations: Marseille, France, Rights Companies Danang, Saudi Arabia, Russia, OPEC, United States, Brazil, Iran, China, Asia, Africa, Latin America, London

The Liberian-flagged oil tanker Ice Energy transfers crude oil from the Iranian-flagged oil tanker Lana (former Pegas), off the shore of Karystos, on the Island of Evia, Greece, May 26, 2022. The United States has sought to limit Iran's oil exports since Donald Trump exited a 2015 nuclear accord in 2018 and re-imposed sanctions aimed at curbing revenues to Iran's government. SVB International, a consultant, estimates Iran's oil production increased in August to 3.15 million barrels per day (bpd), the highest since 2018, with crude oil and condensate exports at just under 2 million bpd. Kpler, a provider of flows data, expects August crude exports to average about 1.2 million bpd, down from a 2018 high of 1.54 million bpd reached in May. Iran's oil minister was quoted by state media as saying crude output will reach 3.4 million bpd by the end of September.

Persons: Costas Baltas, Donald Trump, Joe Biden's, Sara Vakhshouri, Jake Sullivan, Biden, Kevin, Ben Cahill, Vakhshouri, Alex Lawyer, Timothy Gardner, Andy Sullivan Organizations: Liberian, Ice Energy, REUTERS, Analysts, United, SVB, Reuters, White, National, ClearView Energy Partners, U.S . State Department, Treasury Department, Center for Strategic, International Studies, Organization of, Petroleum, Tanker, Thomson Locations: Karystos, Evia, Greece, WASHINGTON, Tehran, China, United States, Iran, South Korea, U.S, Syria, Venezuela, OPEC, Russia, London, Washington

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