A surprise production cut by Saudi Arabia and other Middle East producers has caught the energy industry flat-footed and will lift global prices with little room for a coordinated response by oil-consuming nations, industry executives said on Sunday.
A worker pumps fuel at a gas station of state-run oil firm PDVSA, in Caracas, Venezuela, December 2, 2022. REUTERS/Gaby Oraaby Saudi Arabia and other Middle East producers has caught the energy industry flat-footed and will lift global prices with little room for a coordinated response by oil-consuming nations, industry executives said on Sunday.
The group had been largely expected to stick to its already agreed upon 2 million barrel per day cuts when its joint ministerial panel, which includes Saudi Arabia and Russia, meets on Monday. The OPEC move and Russia's extension through year-end of cuts was a coordinated effort that signaled the OPEC+ remains in charge of global markets.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Saudi Arabia, OPEC+ producers announce voluntary oil output cutsThe Saudi energy minister said it was a precautionary measure to support the stability of the oil market.
Les mer »
Saudi Arabia to invite Syria's Assad to Arab leaders summit, sources saySaudi Arabia is planning to invite Syrian President Bashar al-Assad to an Arab League summit that Riyadh is hosting in May, three sources familiar with the plans said, a move that would formally end Syria's regional isolation.
Les mer »
Saudi Arabia to invite Syria's Assad to Arab leaders summit, ending regional isolationSaudi Arabia is planning to invite Syrian President Bashar al-Assad to an Arab League summit that Riyadh is hosting in May, three sources familiar with the plans said, a move that would formally end Syria's regional isolation.
Les mer »
Egypt's Sisi heads to Saudi Arabia amid financial pressure, regional realignmentEgyptian President Abdel Fattah al-Sisi is travelling to Saudi Arabia on Sunday, according to three diplomatic sources, as Cairo continues to seek financial inflows to ease pressure on its currency and bolster a faltering economy.
Les mer »