OPEC+ members, including major oil producers such as Saudi Arabia, Russia, Algeria, Venezuela, Kuwait, the UAE, and Iraq, have agreed to extend their voluntary oil output cuts through the end of the second quarter of 2024. Saudi Arabia announced a significant cut of 1 million barrels per day (b/d), Russia by 471,000 bpd, Algeria by 51kbpd, Kuwait by 135k b/d, the UAE by 163,000 bpd, and Iraq by 220 thousand barrels per day. This decision aims to prevent a global surplus and support market stability amid varying demand forecasts. Deputy Prime Minister of Russia, Novak, emphasized that these additional voluntary cuts are a precautionary effort to maintain the balance of oil markets. The collective action of OPEC+ members, which includes a total cut of 2.2 million barrels per day, has been viewed as a move to navigate through economic uncertainties and bolster oil prices, which have seen fluctuations due to geopolitical tensions and other factors.
🛢️ OIL FALLS ON WARM WINTER WEATHER DESPITE OPEC+ CUT EXTENSION Full Story → https://t.co/oDqjN30yPk Oil prices fell slightly on Monday, as demand headwinds counterbalanced a widely expected extension of voluntary output cuts through the middle of the year by the OPEC+…
#Russia Recovers From Ukraine Drone Strikes as Oil Refining Rises Runs rose to 5.44 million barrels a day for Feb. 15-28 period Only Tuapse refinery was still offline after Ukraine’s attacks #oott https://t.co/gsR3uDzEJL
#Russia recovers from Ukraine drone strikes as #oil refining rises: the nation processed 5.44m b/d of crude on Feb. 15-28. That’s 226k b/d, or just over 4%, above level seen in the first half of the month https://t.co/5wKtanq1EX
Russian refineries recover from Ukrainian drone attacks, helping its oil processing to pick up https://t.co/pHvpP6kREv
Oil prices rise as funds scale back bearish positions https://t.co/kXlkEEfMuC https://t.co/PQ4fqN9ngM
🔴 RUSSIAN OIL REFINING TOTALED 5.44M B/D FOR FEBRUARY 15TH-28TH PERIOD.
OIL PRICES rise as funds scale back bearish positions: https://t.co/ZWMpg3RZ6y https://t.co/bjS54bYCU3
Crude prices are moving higher after OPEC+ announced plans to extend production cuts until June. Truist Securities managing director Neal Dingmann joins Yahoo Finance to break down what this means for investors: https://t.co/tRu38yN6w2
Technical Update from @Cramers_Corner - #WTI broken bullish above $80 with #Brent still stuck below $85. #NatGas bounce still has legs to go but for how long? https://t.co/rZx2alRbgJ
Technical Update from @Cramers_Corner - #WTI broken bullish above $80 with #Brent still stuck below $85. #NatGas bounce still has legs to go but for how long? ... https://t.co/rZx2alRbgJ
Crude oil processing in #China hit a record high in 2023 #oott https://t.co/XzJBbWcK5z
Timely article last week. As Oil Test $80, What About #NaturalGas ? Nice pop and another reason to keep eyes on mid year rise in #inflation . https://t.co/eEmGbFjBIg https://t.co/NQ73nKbCz7
Crude Oil Futures Volatile as OPEC Extends 2.2 Million Barrel Daily Cuts for Q2 2024 https://t.co/qJbQyKhr5w
Follow the Money: Understanding #Russia’s oil and gas revenues #oott https://t.co/HZpIBDPZK3
#Russia: Reduced refining capacity, sanctions force Russia to cut oil output #oott https://t.co/Ve2l5gVfWr
OPEC+ faces a tough task if the group wants to prolong oil output curbs all year, writes @oil_gs01 https://t.co/8jxBwN8uG5
OPEC+ members agree to make 1 million barrels a day of additional oil-supply cuts to go alongside Saudi Arabia’s much-anticipated extension of a voluntary reduction of the same size https://t.co/fRNRNH71PC via @markets
Oil prices slip after OPEC+ extends voluntary oil output cuts until mid-year - CNBC https://t.co/takxM03iTt
Crude oil futures traded volatile today as members of the coalition of the world’s top oil-producing nations, OPEC+ have announced the extension of additional voluntary cuts of 2.2 million barrels a day for the second quarter of 2024. In intra-day trade, Brent crude was trading…
Oil prices edge lower as traders absorb extended OPEC+ production cuts https://t.co/rzmxNh3pS9
Oil steadies after OPEC+ extends output cuts as expected https://t.co/b85KGLvfmW
The Saudi crown prince will extend oil production cuts through June, increasing the price of oil and effectively subsidizing Putin's war crimes in Ukraine. https://t.co/VMqgg1sWAc
Oil prices rose slightly after OPEC+ members agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, largely in line with market expectations https://t.co/UiND8HWYMn https://t.co/hhufrS9GF2
BRENT calendar spreads are moving into an increasingly strong backwardation as Saudi Arabia and its OPEC⁺ allies extend their production restraint and the outlook for the global economy and petroleum consumption improves: https://t.co/46KgmkkKkt
OPEC+ nations extend oil output cuts to navigate economic uncertainty https://t.co/GWvb0hGZ7z https://t.co/HdFgrQDMU8
Oil: - OPEC+ extended supply cuts until June - "Ample supplies have anchored international oil prices near $80" - "Even as conflict in the Middle East disrupts regional shipping" https://t.co/vWPzv7bdRi https://t.co/eiS3LfU9h8
WATCH: Oil prices nudged higher after OPEC+ members agreed to extend voluntary oil output cuts to the end of the second quarter, largely in line with market expectations, while Russia pledged to cut production and exports https://t.co/vtbJfHFDR1 https://t.co/kBGmsJdKKt
Oil prices nudged higher after OPEC+ members agreed to extend voluntary oil output cuts to the end of the second quarter, largely in line with market expectations, while Russia pledged to cut production and exports https://t.co/UiND8HWYMn https://t.co/b0g335cwx1
Saudi Arabia, Algeria and Kuwait are agreeing to a “voluntary reduction” in oil production. https://t.co/xg5WoKLMza
Oil prices slip after OPEC+ extends voluntary oil output cuts until mid-year https://t.co/py3MZG9zJm
OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants https://t.co/zG9HciWDwm
OPEC - Plus members decide to extend oil output cuts of 2.2 million barrels per day to 2nd quarter https://t.co/nYANekvAPc
Brent over 80 supported by the voluntary cuts extension by some opec plus members #OOTT #Opec https://t.co/amLNauqIeJ
OPEC+ extended its oil supply cutbacks to the middle of the year in a bid to avert a global surplus https://t.co/KGPEzRb7BC via @FionamMacDonald @S_Elwardany
Oil Edges Higher on OPEC+'s Extension of Oil-Output Reductions https://t.co/A8sJpuU84i
#China's benchmark crude #oil futures hit highest since Nov 2023 after OPEC+ countries extend production cut The Wire >> https://t.co/haGgRmRP6L https://t.co/9t98SnSDKB https://t.co/hKxz1wS8Vu
#CNOOC hit record high in Shanghai, other oil giants also rally, as OPEC+ countries extend voluntary crude production cuts The Wire >> https://t.co/haGgRmRP6L https://t.co/Hq0rB1DQyj
Oil rises after OPEC+ extends output cuts https://t.co/nnTVTfvhAh https://t.co/6ZU1Z8bdyT
⚠️ OIL RISES AFTER OPEC+ EXTENDS OUTPUT CUTS Full Story → https://t.co/NNq1jbC0wb https://t.co/mQ1SC2NOmg
Saudi Arabia extends voluntary cut of oil production https://t.co/OvFY1BUW0n
NEW: Russia will cut oil production by almost half a million barrels per day in the second quarter of 2024, Russian government says https://t.co/Qwl8jJk9oP
🛢️ Russia and Saudi Arabia have led members of the Opec+ cartel in extending cuts to oil supplies for a further three months https://t.co/wOzhW4F5gn
Several countries extend #Oil cuts to boost prices https://t.co/me45dY0hs5
OPEC+ cartel (including Russia), announce additional oil output cuts today 03 March 2024. Their intention is to drive oil prices higher and earn more revenue, but will they succeed? A thread offering insight and conclusions: S&P reported “OPEC and its allies will maintain their… https://t.co/TAsI0fJZxg
OPEC+ agreed to extend oil supply curbs through June, with Russia promising to focus more on output cuts https://t.co/dtxJKEG4Ld
⚠️ JUST IN: *SAUDI ARABIA TO EXTEND 1 MILLION BARREL PER DAY CRUDE OIL OUTPUT CUT UNTIL THE END OF JUNE $CL_F #OOTT https://t.co/tjr8I8xQyY
OPEC+ is an amazing force in the marketplace. Never underestimate their prowess. #OPEC #OOTT https://t.co/LWwoi3WfAQ
#Russia says to deepen oil output cuts while easing export limits #oott https://t.co/JRzp6X9Kw3
Saudi-Led Oil Producing Nations Extend Output Cuts https://t.co/5YaTjMozdl
As expected as I as mentioned earlier opec plus producers who took part the latest 2.2 million bpd cuts decided to extend it by another quarter…. Why?? Because it’s better to be safe than sorry, demand forecasts are still all over the place #OOTT #opec
#Iraq: The ministry stated in a statement received by the Iraqi News Agency (INA), that “Iraq will extend its voluntary reduction, which amounts to 220 thousand barrels per day, for the second quarter of the current year, in coordination with some countries participating in the…
#UAE extends additional voluntary output cut of 163,000 bpd through end of June 2024 #oott https://t.co/eQ6kU2aFM9
BREAKING: OPEC prolongs production cuts until mid-year. This is in sharp contrast to orders to inventories suggesting a need for MORE Oil supply in Q2 Potentially very bullish -> https://t.co/QkUDSTHLru https://t.co/6C907XcPEh
Oil On Track To Spike Higher? Report Says OPEC+ All Set To Extend 2 MBOE/Day Output Cut At Least Until Middle Of Year The WTI-grade crude oil ended 2023 down about 8.6% but has tacked on 11.6% so far this year. Oil's rally has come on the back of geopolitical tensions that have… https://t.co/ow91JsFlXt
*RUSSIA TO IMPLEMENT VOLUNTARY OIL CUT OF 471K B/D IN 2Q *RUSSIA TO DIVIDE OIL CUTS BETWEEN OUTPUT AND EXPORTS EACH MONTH
Opec+ voluntary production cuts: Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions. #OOTT https://t.co/Z1z9zKDdYr
🔴 SAUDI ARABIA IS TO EXTEND VOLUNTARY CUT OF 1 MLN B/D UNTIL END OF 2Q.
Russia will cut oil production by almost half a million barrels per day in the second quarter of 2024, the government said on Sunday, as part of a move to boost prices ➡️ https://t.co/WnqfjRec0q https://t.co/h5YH3heMYX
OPEC+ has extended oil supply cuts to June (start of summer driving season) in an effort to avoid a global surplus. The cutbacks are 2mn bbl/day on paper but likely lower in actuality. Overall, positive for crude...but extension had been expected by sell side $UCO $USO #OOTT
Russia announces a reduction in its oil production by 471 thousand barrels per day at the end of the second quarter. https://t.co/Bsd2t4ML9L
RUSSIA'S DEPUTY PM NOVAK ANNOUNCES ADDITIONAL VOLUNTARY CUT OF 471,000 BPD FOR Q2
#Russia will implement additional voluntary cut of 471kbpd for Q2 This additional voluntary cut comes to reinforce the precautionary efforts made by Opec+ countries with the aim of supporting the stability and balance of oil markets - deputy PM Novak #OOTT
🔴 DEPUTY PM NOVAK OF RUSSIA REINFORCES OPEC+ EFFORTS WITH ADDITIONAL OIL CUT
🔴 RUSSIA'S DEPUTY PM NOVAK ANNOUNCES ADDITIONAL VOLUNTARY CUT OF 471,000 BPD FOR Q2.
🔴 KUWAIT TO EXTEND VOLUNTARY CUTS OF 135K B/D UNTIL JUNE.
#Algeria to cut oil output by 51kbpd for Q2 #oott
#Oman to cut oil output by 42kbpd for Q2 #oott
*OPEC+ AGREES TO EXTEND SUPPLY CURBS TO END OF Q2: DELEGATES
#Kuwait will extend its voluntary oil production cut of 135,000 barrels per day for the second quarter of 2024, said Deputy Prime Minister and Oil Minister Dr. Imad Al-Atiqi Sunday. #oott https://t.co/f3knG1KJhR
Crude #oil is of course lagging behind oil stocks $XOI $XLE, but still participating in the rally – in a timid way, still being short-term „vulnerable“ to modest and not stellar gains, grinding towards $WTIC $82.50 slowly. https://t.co/U4KI3rZ8Lm
Some #OPEC+ members agree to extend voluntary cuts to Q2 - sources #oott https://t.co/a1qjLtglRx
Oil rises more than 2% as traders await OPEC decision https://t.co/bXrdBn7KhS
CRUDE OIL OPEC extends production cuts through Q2. Headline + hopes of full-year extension will finish squeezing the remaining excess HF/CTA shorts out of the market and drive oil to our Q1 target (see below tweet). https://t.co/lGAhFsCBmy https://t.co/49wGLBnBNs
OPEC+ just announced it is extending cuts through end of June 2024. $FRO $NAT $TNP $TRMD $STNG $TNK $DHT $INSW $ASC $ECO $HAFNI
OPEC+ agrees to extend cuts (not much of a surprise, most expected this) https://t.co/sqavmiSkYR
🔴 OPEC+ EXTENDS SUPPLY CURBS UNTIL END OF YEAR: SOURCE
🔴 OPEC+ EXTENDS SUPPLY CURBS UNTIL END OF Q2, SAY DELEGATES
Algerian, Venezuelan oil companies agree to boost energy cooperation #oott https://t.co/7xkrQavrMx
#Iran, #Russia discuss developing oil, gas fields #oott https://t.co/BYUZe1gAkJ
OPEC+ should pump more crude in the second quarter, taking some short-term pain for a longer-term strategic gain, @JavierBlas writes #OOTT https://t.co/qKSi0aIXBV