OPEC+ faces concerns over oil output cuts as the physical market weakens. Citi commodities research chief warns of a potential 50% crash in oil prices if output rises and cuts are not extended through 2024. Rapidan Energy advises careful control of oil supplies for the next five years to prevent a meltdown in crude prices. Oil prices fell 3% after US inflation data and remained near six-month lows due to oversupply and waning demand. OPEC remains cautiously optimistic about 2024 oil market fundamentals but blames 'exaggerated concerns' about demand for recent price drops.
OPEC says 'exaggerated concerns' about demand are hitting oil prices but still sees a slowdown in 2024 https://t.co/kvCqSTjlhe
OPEC blames 'exaggerated' demand concerns for oil price drop https://t.co/F8DMqX9TNO https://t.co/CH7n4aQ2Sl
🛢️ Oil prices hold near six-month lows Oil prices edged up on Wednesday, but remained near the six-month lows reached in the previous session after a more than 3% drop, with investors concerned about oversupply and waning demand. Brent futures closed at their lowest since late… https://t.co/HRsSNs6W0l
(Reuters) - OPEC on Wednesday said it remained cautiously optimistic about 2024 oil market fundamentals and blamed "exaggerated concerns" about demand for a recent drop in prices, as it stuck to its relatively high 2024 oil use prediction.
🔴 OPEC: THIS DYNAMIC WAS FUELED BY ‘EXAGGERATED CONCERNS’ ABOUT OIL DEMAND GROWTH.
🔴 OPEC: WE REMAIN CAUTIOUSLY OPTIMISTIC ABOUT THE FUNDAMENTAL FACTORS AFFECTING OIL MARKET DYNAMICS IN 2024.
🔴 OPEC RAISES 2023 GLOBAL ECONOMIC-GROWTH FORECAST TO 2.9%.
🔴 OPEC RAISES US ECONOMIC GROWTH FORECAST TO 2.4% IN 2023 AND 1% IN 2024.
Oil steadied in Asia after tumbling almost 4% as rising production from Russia and the US added to concerns the market is becoming oversupplied https://t.co/flAA8aW6eO https://t.co/nZ99mMQZIV
🛢️ Oil falls 3%, extends losses after US inflation data Oil fell 3% on Tuesday, with Brent crude hitting the lowest since June after U.S. consumer prices rose in November, offering more evidence that the Federal Reserve was unlikely to pivot to interest rate cuts early next… https://t.co/mp97IKQLL7
OPEC+ will need to carefully control oil supplies for another five years to avoid a meltdown in crude prices, according to Rapidan Energy, a Washington-based consultant says https://t.co/qXZsNOj2pR
OPEC+ will need to carefully control oil supplies for another five years to avoid a meltdown in crude prices, according to Rapidan Energy, a Washington-based consultant says https://t.co/doJykyIylG
Oil steady ahead of interest rate decisions, OPEC+ supply cut doubts https://t.co/GTyiBqW5xt https://t.co/Dyr174Y8GJ
Oil prices could crash 50% if OPEC+ lets output rise and doesn't extend cuts through 2024, Citi commodities research chief says https://t.co/MlwDmuD43k
OPEC+ oil output cut may be too brief as physical market weakens https://t.co/5rKth8AZKF https://t.co/z6vQFGti4j