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Prince Abdulaziz - 1 Brent - 1 Amrita Sen - 1 Gary Ross - 1 Giovanni Staunovo - 1 Ahmad Ghaddar - 1 Alex Lawler - 1 Maha El Dahan - 1
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☆ Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024
  + stars: | 2023-06-04 | by ( Maha El Dahan Alex Lawler Ahmad Ghaddar | Maha El Dahan | Alex Lawler | ) www.reuters.com   time to read: +4 min
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
☆ OPEC's U.S. shale worries subside as it cuts forecast
  + stars: | 2022-12-16 | by ( Alex Lawler | ) www.reuters.com   time to read: +3 min
On Tuesday, OPEC trimmed its forecast for 2023 growth in U.S. tight oil, another term for shale, to 780,000 barrels per day. The group kept its 2022 forecast unchanged at 590,000 bpd, having steadily cut the figure from 880,000 bpd in July. from OPEC's monthly oil market reportU.S. shale oil drillers over the last two decades helped to turn the United States into the world's largest producer. OPEC+ in October made its biggest output cut since the pandemic took hold in 2020. Rapid growth in shale has previously caused problems for OPEC, as when it helped to create a supply glut during 2014-2016.
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