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Russian President Vladimir Putin suggests that the OPEC+ output cuts are likely to continue into 2024. This statement comes as Russia's Energy Minister, Alexander Novak, highlights the sensitivity and uncertainties in the oil market, with slower-than-expected global economic growth impacting oil demand. The potential extension of the output cuts by OPEC+ could have significant implications for the oil markets, as geopolitical volatility in the Middle East continues to be a key factor. The comments from Putin and Novak indicate the ongoing efforts to balance the oil market amidst a challenging global economic environment.
🛢️ RUSSIA'S NOVAK SAYS STILL TO EARLY TO TALK ABOUT OPEC+ DECISIONS IN NOVEMBER #oott
🔴 RUSSIA’S DEPUTY PM NOVAK: IT IS STILL TO EARLY TO TALK ABOUT OPEC+ DECISION IN NOVEMBER.
🛢️ RUSSIAN https://t.co/3Hke8sXa7c: OPEC+ WILL DISCUSS POSSIBLE OIL OUTPUT INCREASE IN EARLY 2024 IN EVENT GLOBAL OIL DEFICIT WORSENS #oott
How will geopolitical volatility in the Middle East impact oil markets? Presented by @CMEGroup https://t.co/OrOn5MFygE
🔴 US EIA FORECASTS NEW WELL OIL PRODUCTION PER RIG AT: 1,781 BPD FOR BAKKEN (VS 1,746 BPD MONTH AGO); 1,150 BPD FOR PERMIAN (VS 1,125 BPD MONTH AGO); 1,507 BPD FOR EAGLE FORD (VS 1,492 BPD MONTH AGO).
🔴 US BAKKEN OIL PRODUCTION FOR NOVEMBER SEEN UP 200 BPD AT 1.27 MLN BPD (VS 2,700 BPD RISE IN OCTOBER) - EIA RIG PRODUCTIVITY REPORT.
🔴 EIA PROJECTION: US PERMIAN BASIN OIL PRODUCTION FOR NOVEMBER SEEN DOWN 30,000 BPD AT 5.901 MLN BPD (VS 29,000 BPD FALL IN OCTOBER).
🔴 US EAGLE FORD OIL PRODUCTION FOR NOV SEEN DOWN 19,000 BPD AT 1.119 MLN BPD (VS 19,000 BPD FALL IN OCTOBER) - EIA.
How will geopolitical volatility in the Middle East impact oil markets? Presented by @CMEGroup https://t.co/0K53zsF2tp
🔴 US TOTAL SHALE REGIONS OIL PRODUCTION FOR NOVEMBER SEEN DOWN ABOUT 51,000 BPD AT 9.553 MLN BPD (VS 45,000 BPD FALL IN OCT) - EIA.
🔴 IEA LOWERS 2024 GLOBAL OIL DEMAND GROWTH FORECAST TO 880,000 BPD ON WEAKER ECONOMIC ENVIRONMENT AND ENERGY EFFICIENCY IMPROVEMENTS (PREV. FORECAST 1 MLN BPD) – MONTHLY REPORT.
🔴 RUSSIA’S DEPUTY PM NOVAK: THE CURRENT OIL PRICES REFLECT RISKS AND THE CONFLICT IN MIDDLE EAST.
🔴 RUSSIA’S DEPUTY PM NOVAK: IT'S NOT OUR GOAL TO SET OIL PRICES, WE AIM TO BALANCE THE MARKET.
🔴 RUSSIA’S DEPUTY PM NOVAK: OPEC+ COOPERATION ENSURES THE STABILITY OF THE OIL MARKET AND INVESTMENTS.
🔴 RUSSIA’S DEPUTY PM NOVAK: THE MARKET SITUATION REQUIRES CLOSER OPEC+ COOPERATION.
🔴 RUSSIA’S DEPUTY PM NOVAK: THE OPEC+ MECHANISM IS EFFICIENT.
🔴 RUSSIA’S DEPUTY PM NOVAK: THAT INFLUENCES THE DEMAND FOR OIL.
🛢️ RUSSIA'S NOVAK: On Oil Markets **MARKET IS VERY SENSITIVE, BUT BALANCED **WE QUICKLY REACT TO THE SITUATION ON OIL MARKET WHERE THERE ARE MANY UNCERTAINTIES **GLOBAL ECONOMY IS GROWING SLOWER THAN EXPECTED **THAT INFLUENCES DEMAND FOR OIL **WE ARE FOLLOWING CENTRAL BANKS… https://t.co/hyf5uUmXUI
🔴 RUSSIA’S DEPUTY PM NOVAK: THE MARKET IS VERY SENSITIVE, BUT BALANCED.
Putin Says OPEC+ Output Cuts "Likely" To Continue Into 2024 https://t.co/ydgTBhfvEC
🛢️ GLOBAL OIL INVENTORIES TO FALL BY 200,000 BPD IN SECOND HALF 2023 FROM SAUDI OUTPUT CUTS, REDUCED OPEC+ OUTPUT TARGETS - EIA
🔴 EIA: OPEC+ MEMBERS ARE TO DECREASE CRUDE OIL OUTPUT BY 300,000 BPD IN 2024 VERSUS 2023.
🔴 EIA: US CRUDE OIL PRODUCTION TO RISE BY 1.01 MLN BPD TO 12.92 MLN BPD IN 2023 (VERSUS PREVIOUSLY FORECASTED RISE OF 870,000 BPD).
🛢️EIA: **U.S. CRUDE OIL PRODUCTION TO RISE BY 1.01 MLN BPD TO 12.92 MLN BPD IN 2023 (VERSUS PREVIOUSLY FORECASTED RISE OF 870,000 BPD) **U.S. CRUDE OIL PRODUCTION IS EXPECTED TO RISE BY 200,000 BPD TO 13.12 MLN BPD IN 2024 (VERSUS PREVIOUSLY FORECASTED RISE OF 380,000 BPD)
🛢️EIA: **U.S. CRUDE OIL PRODUCTION TO RISE BY 1.01 MLN BPD TO 12.92 MLN BPD IN 2023 (VERSUS PREVIOUSLY FORECASTED RISE OF 870,000 BPD)
🔴 US EIA CUTS FORECAST FOR 2024 WORLD OIL DEMAND GROWTH BY 40,000 BPD, NOW SEES 1.32 MLN BPD YEAR-ON-YEAR INCREASE.
🔴 US EIA CUTS FORECAST FOR 2023 WORLD OIL DEMAND GROWTH BY 50,000 BPD, NOW SEES 1.76 MLN BPD YEAR-ON-YEAR INCREASE.
🛢️ EIA: **U.S. EIA CUTS FORECAST FOR 2024 WORLD OIL DEMAND GROWTH BY 40,000 BPD, NOW SEES 1.32 MLN BPD YR-ON-YR INCREASE **U.S. EIA CUTS FORECAST FOR 2023 WORLD OIL DEMAND GROWTH BY 50,000 BPD, NOW SEES 1.76 MLN BPD YR-ON-YR INCREASE
OPEC+ to Continue Cooperate Next Year To Stabilize Market: Putin
🔴 ⚠️ BREAKING: PUTIN: OPEC+ COOPERATION LIKELY TO BE CONTINUED.
🛢️ PUTIN: OPEC+ DEAL WILL LIKELY CONTINUE #oott
🛢️ PUTIN: OIL MARKET IS BALANCED THANKS TO OPEC+ DECISIONS #oott
🛢️ PUTIN: OPEC+ COOPERATION WILL BE CONTINUED #oott