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Despite the OPEC Plus reduction, oil continues to decline
- Time: 12/01/2023 08:35:27
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{Economic: Al-Furat News} Oil prices continued their losses during trading today, Friday, the first of December, after producers in the OPEC+ alliance agreed to voluntary cuts in oil production over the first quarter of next year, but below analysts’ expectations.
Brent crude futures fell by about 0.4% to $80.53 per barrel, as crude had recorded monthly losses of more than 5% from November.
US crude futures also fell by 0.2% at $75.79 per barrel.
Yesterday, Thursday, Saudi Arabia, Russia, and some members of OPEC+ - which are responsible for pumping more than 40% of the world's oil - agreed to voluntary cuts in oil production by about 2.2 million barrels per day in the first quarter of 2024.
However, 1.3 million barrels per day of these cuts represent an extension of the voluntary reduction in production by Saudi Arabia and Russia, and therefore the decision came in contrast to statements by some former delegates to OPEC+ regarding new additional cuts that may reach two million barrels per day.
As for the new reductions, which amount to 900 thousand barrels per day, they are divided by 200 thousand barrels per day from fuel exports from Russia, and the rest from 6 other members, as the UAE decided to reduce production by 163 thousand barrels per day, while Iraq reduced production by 220 thousand barrels per day. .
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{Economic: Al-Furat News} Oil prices continued their losses during trading today, Friday, the first of December, after producers in the OPEC+ alliance agreed to voluntary cuts in oil production over the first quarter of next year, but below analysts’ expectations.
Brent crude futures fell by about 0.4% to $80.53 per barrel, as crude had recorded monthly losses of more than 5% from November.
US crude futures also fell by 0.2% at $75.79 per barrel.
Yesterday, Thursday, Saudi Arabia, Russia, and some members of OPEC+ - which are responsible for pumping more than 40% of the world's oil - agreed to voluntary cuts in oil production by about 2.2 million barrels per day in the first quarter of 2024.
However, 1.3 million barrels per day of these cuts represent an extension of the voluntary reduction in production by Saudi Arabia and Russia, and therefore the decision came in contrast to statements by some former delegates to OPEC+ regarding new additional cuts that may reach two million barrels per day.
As for the new reductions, which amount to 900 thousand barrels per day, they are divided by 200 thousand barrels per day from fuel exports from Russia, and the rest from 6 other members, as the UAE decided to reduce production by 163 thousand barrels per day, while Iraq reduced production by 220 thousand barrels per day. .
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