OPEC+, delayed the start of formal talks by over six hours due to members’ discussions of production baselines, sources said
Saudi Arabia will pledge new voluntary production cuts as part of a broader OPEC+ deal to curb output, sources told Reuters, as the group faces flagging oil prices and a looming supply glut.
It was not clear when Saudi would start making its voluntary cuts or how much Riyadh and OPEC+ as a whole would cut. The April announcement helped to drive oil prices about $9 per barrel higher to above $87, but they swiftly retreated under pressure from concerns about global economic growth and demand. On Friday, international benchmark Brent settled at $76. [O/R]
Last week, Saudi Arabia’s Energy Minister Prince Abdulaziz said investors who were shorting the oil price, or betting on a price fall, should “watch out,” which many market watchers interpreted as a warning of additional supply cuts. Asian countries, such as China and India, have bought the greatest share of Russian oil exports and refused to join Western sanctions on Russia.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
With oil prices slumping, OPEC+ producers weigh more production cutsThe major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to U.S. drivers and helped ease inflation worldwide.
Read more »
'All about the campfire': With fire bans in place, Alberta campers adjust their plansWith wood campfires out of the picture in Alberta due to wildfire threats, outdoor enthusiasts have other options for cooking and light.
Read more »
'All about the campfire': With fire bans in place, Alberta campers adjust their plansWith wood campfires out of the picture in Alberta due to wildfire threats, outdoor enthusiasts have other options for cooking and light.
Read more »
'All about the campfire': Campers adjust their plans with fire bans in placeEDMONTON — Jade Najam was getting excited about camping during the May long weekend, sitting around the campfire late into the night with his family and…
Read more »
Scott Stinson: As the CFL kicks off with big plans, the storied league struggles for relevanceRandy Ambrosie sees the storied league\u0027s growth coming from expansion, and he doesn\u0027t want to stop at a 10th team
Read more »
Scott Stinson: As the CFL kicks off with big plans, the storied league struggles for relevanceRandy Ambrosie sees the storied league\u0027s growth coming from expansion, and he doesn\u0027t want to stop at a 10th team
Read more »