Saturday, December 14, 2024
Today’s News

According to Sources, OPEC+ is Close to Reaching a Deal to Postpone Increasing Oil Output

Following the lowest point in nine months for crude prices, OPEC+ is getting close to reaching a decision to postpone an increase in oil output scheduled for October, two sources within the producers group told Reuters on Thursday.
Due to concerns about a faltering global economy and soft data from China, the largest oil importer in the world, oil prices have been declining along with those of other asset classes.

According to one of the sources, “it is likely that the countries will take action to balance the market by delaying the increase.” According to the second source, OPEC+ was “almost there” in reaching a consensus.

Due to the potential delay, oil prices increased. On Thursday, benchmark Brent crude reached $73 per barrel, although it is still near its lowest point since December.

Increasing production would cause a significant surplus in the market starting in the first quarter of 2025. However, delaying could be seen as OPEC’s tardy acknowledgement of the weak oil demand. Helima Croft, an analyst at RBC Capital, suggested in a note that it might be wise for OPEC+ to hold off on returning more barrels until December.

Also Read:

The Future Of High-Speed Internet With VSL Networks LLP: Tarik Al Mamun Chowdhury

A Car Fire is Put out in Two Minutes by a Sharjah Civil Defence Team

 

INTERVIEW

Press Release

Letest News

Health

Lifestyle

Business

Technology

Saturday, December 14, 2024

Entrepreneur Mirror is a platform with a significant focus on business, technology, startups entrepreneurship, leadership, innovation, content creation, prominent business personalities, and many more across the globe. Further, the company publishes interviews, business content, press releases, articles, etc. 

SUBSCRIBE

Copyright © 2024 Entrepreneur Mirror All Right Reserved