Opec Oil Cuts

Crude Oil rallies as OPEC+ cuts output; Trend reversal unlikely hint charts

On Monday, the MCX Crude Oil futures were seen trading above the 100-DMA for the first time in more than six months. Sustained trade above Rs 6,350 can help the trend turn favourable for Crude Oil.

Saudi Arabia says US sought 1 month delay of OPEC+ production cuts

Saudi Arabia said Thursday that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies including Russia to cut oil production by a month. Such a delay could have helped reduce the risk of a spike in gas prices ahead of the U.S. midterm elections next month. A statement issued by the Saudi Foreign Ministry didn't specifically mention the Nov. 8 elections in which U.S. President Joe Biden is trying to maintain his narrow Democratic majority in Congress. However, it stated that the U.S. suggested the cuts be delayed by a month. In the end, OPEC announced the cuts at its Oct. 5 meeting in Vienna. Holding off on cuts would have meant implementing them just before the Nov. 8 election at a time when they likely couldn't drastically influence prices at the pump. Rising oil prices and by extension higher gasoline prices have been a key driver of inflation in the U.S. and around the world, worsening global economic woes as Russia's months-long war on Ukraine also

Saudi Arabia says US sought a month delay of OPEC+ oil cut decision

Saudi Arabia said on Thursday that the US had urged the kingdom to postpone a decision by OPEC and its allies including Russia to cut oil production by a month which would have been just before the upcoming American midterm elections. A statement issued by the Saudi Foreign Ministry didn't specifically mention the elections, crucial to US President Joe Biden maintaining his Democratic Party's narrow majorities in Congress. However, it stated that the US suggested the cuts be delayed by a month as opposed to being implemented at OPEC's October 5 meeting in Vienna. A month delay would have put them just before the November 8 elections where they likely couldn't have drastically influenced prices at the pump. Rising oil prices and by extension higher gasoline prices have been a key driver of inflation in the US and around the world, worsening global economic woes as Russia's monthslong war on Ukraine also has disrupted global food supplies. For Biden, gasoline prices creeping up

OPEC+ production cut ahead of winter puts India on a slippery slope

A higher than expected production cut by the group will add to the strain on government finances

Oil heads for weekly gain after OPEC+ cut despite economy headwinds

Brent crude was up 87 cents, or 0.9%, to $95.29 a barrel at 1110 GMT. U.S. West Texas Intermediate or WTI crude gained 98 cents, or 1.1%, to $89.43

TMS Ep276: OPEC production cuts, Indian pharma exports, stocks, USB-C ports

How will OPEC production cuts affect India? Who is responsible for the quality of Indian pharma exports? Are consumption stocks a good bet now? What makes USB-C the best charging port? Answers here

Goldman raises oil price forecasts on 'very bullish' OPEC-plus cuts

If latest reduction in output by OPEC+ is sustained through Dec 2023, it would amount to $25 per barrel upside to their Brent forecast, Goldman Sachs said in a note

Global stock markets advance after strong US hiring, OPEC oil cuts

Global stock markets advanced on Thursday after strong US hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC group of oil exporters agreed to output cuts to shore up prices. London, Frankfurt and Tokyo gained. Hong Kong declined. Mainland Chinese markets were closed for a holiday. Oil prices rose. The euro edged higher but stayed below USD 1. Wall Street futures edged lower after US stocks fell on Wednesday following a report by payroll processor ADP that employers added 208,000 jobs in September. That showed parts of the economy are still strong, giving ammunition to Fed officials who say more rate hikes are needed to cool inflation that is at a four-decade high. The economy is too strong for the Fed to pivot. The strong start to October is over, said Edward Moya of Oanda in a report. In early trading, London's FTSE 100 was up less than 0.1 per cent at 7,059.11. The DAX in Frankfurt gained 0.7 per cent to 12,610.37 and the CAC 40 i

Oil set for weekly gain as dollar weakens, OPEC+ considers output cut

Brent crude futures for November, which expire on Friday, rose by 95 cents, or 1.07%, to $89.44 a barrel by 0948 GMT. The more active December contract was up 81 cents at $87.99

Oil prices stabilise as soaring dollar offset by US output outages

Brent crude futures were up 5 cents, or 0.06%, at $86.32 per barrel by 0937 GMT, while U.S. West Texas Intermediate crude futures were down 9 cents, or 0.1%, at $78.41 per barrel

Road ahead for investors amid OPEC output cut, European energy crisis

The European countries are bracing for a winter sans gas as supplies remain disrupted from Russia. And oil prices are above $95 per barrel on the supply cut decision by OPEC+. What next for investors?

OPEC+ cuts oil output, gas prices soar: What's next for investors?

OPEC+ meeting: While analysts said the current output cut is insignificant to move the needle on oil prices, they cautioned that more output cuts may push oil prices higher, impacting India

OPEC-plus agrees to make token supply cut for Oct to steady oil market

The group will reduce production by 100,000 barrels a day next month, taking supplies back to August levels, it said in a statement

Oil prices rise after Saudi warns OPEC could cut output to correct drop

Brent crude futures rose 32 cents to $96.80 a barrel by 0004 GMT, after a choppy session on Monday when they dropped by more than $4 before paring losses to trade near flat

With oil market tight and price surge, OPEC+ decides how much more to pump

OPEC and allied countries are deciding whether to stay with their plans to gradually restoring production that was cut back during the pandemic recession or to pump more oil

OPEC, allies agree to keep oil production cuts unchanged, prices jump

Under the deal, non-OPEC countries Russia and Kazakstand can make small production increases

OPEC+ compliance with oil production cuts at 99% in December, says report

The figure is slightly below November's 101 percent

OPEC+ resumes debate after talks stumble over February oil output

An internal OPEC document, suggested a 0.5 million bpd cut in February as part of several scenarios considered for 2021

Oil prices touch multi-month highs as OPEC+ expected to hold output

Oil prices touched multi-month highs on expectations that OPEC and allied producers may cap output at current levels in February as the pandemic keeps worries about first-half demand elevated

OPEC+ talks delayed as UAE, Saudi Arabia flight over oil production

At stake is the credibility of the cartel whose actions have underpinned the market since the spectacular oil crash earlier this year