{"id":53498,"date":"2023-04-03T09:53:32","date_gmt":"2023-04-03T09:53:32","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/04\/03\/opec-announces-surprise-oil-output-cuts\/"},"modified":"2023-04-03T09:53:32","modified_gmt":"2023-04-03T09:53:32","slug":"opec-announces-surprise-oil-output-cuts","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/04\/03\/opec-announces-surprise-oil-output-cuts\/","title":{"rendered":"OPEC+ announces surprise oil output cuts"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"363\"  alt=\"\" title=\"Offshore-Oil\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/Offshore-Oil-696x363.jpg\" data- class=\"entry-thumb lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"363\" class=\"entry-thumb\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/Offshore-Oil-696x363.jpg\"   alt=\"\" title=\"Offshore-Oil\"\/><\/noscript><\/div>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-0\">Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-1\">The pledges bring the total volume of cuts by OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, to 3.66 million bpd according to Reuters calculations, equal to 3.7% of global demand.<\/p>\n<p data-testid=\"paragraph-1\">Sunday\u2019s development comes a day before a virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia, and which had been expected to stick to 2 million bpd of cuts already in place until the end of 2023.<\/p>\n<p data-testid=\"paragraph-1\">Oil prices last month fell towards $70 a barrel, the lowest in 15 months, on concern that a global banking crisis would hit demand. Still, further action by OPEC+ to support the market was not expected after\u00a0sources downplayed this prospect\u00a0and crude recovered towards $80.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-4\">The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners\u00a0said on Sunday, while oil broker PVM said it expected an immediate jump once trading starts after the weekend.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-5\">\u201cI expect the market to open several dollars higher \u2026 possibly as much as $3,\u201d said PVM\u2019s Tamas Varga. \u201cThe step is unreservedly bullish.\u201d<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-6\">Top OPEC producer Saudi Arabia said it would cut output by 500,000 bpd. The Saudi energy ministry said the kingdom\u2019s voluntary reduction was a precautionary measure aimed at supporting the stability of the oil market.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-7\">\u201cOPEC is taking pre-emptive steps in case of any possible demand reduction,\u201d Amrita Sen, founder and director of Energy Aspects, said.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-8\">Last October, OPEC+ had agreed to an output cut of 2 million bpd from November until the end of the year, a move that angered Washington as tighter supply boosts oil prices.<\/p>\n<p data-testid=\"paragraph-8\">Source: Reuters<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable. The pledges bring the total volume of cuts by OPEC+, which groups the Organization [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":380,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-53498","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OPEC+ announces surprise oil output cuts - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/04\/03\/opec-announces-surprise-oil-output-cuts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC+ announces surprise oil output cuts - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable. 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