Account Info
Log Out
English
Back
Log in to access Online Inquiry
Back to the Top
Why OPEC's future is increasingly uncertain?
Event Description
Ended
The Organization of the Petroleum Exporting Countries held a two-day meeting in Vienna on Wednesday. The 8th OPEC Conference is being held u Show More
The Organization of the Petroleum Exporting Countries held a two-day meeting in Vienna on Wednesday. The 8th OPEC Conference is being held under the title Towards a Sustainable and Inclusive Energy Transition. This comes as Saudi Arabia announced on Monday that it was extending its oil production cut by one million barrels a day to boost flagging prices, while Russia announced that it would cut its exports by 500,000 bpd in August. These measures are the latest to be taken by major producers to stabilize prices in the face of high market volatility, lingering fallout from Russia's invasion of Ukraine and China's faltering economic recovery.

Yet the move only briefly lifted the market. On Wednesday, benchmark Brent futures almost flat at $76.30 per barrel as of 1440 GMT, remaining below the $80-$100 per barrel that most OPEC nations need to balance their budgets. U.S. oil and gas production continued to trend higher through April a delayed response to very high prices in the middle of 2022 after Russia's invasion of Ukraine.

💡Summary
• OPEC+ to do "whatever necessary" to support the market. OPEC says it does not have a price target.
• US oil and gas production is set to turn down later in 2023.
• Kuwait hopes to have higher oil production quota.
• Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. The same day, Algeria also decided to voluntarily reduce its crude.

🎙️Q:
1. Will OPEC attract foreign capital for developing their hydrocarbon resources?
2. Do you think OPEC and partner Russia have strength to control oil prices?
3. What's your investment strategy?

View disclosures here.
Views
18K
Posts
11
Join event
Latest
Hot
Related Stocks
  • BZmain
    Brent Last Day Financial Futures(JAN5)
    75.090
    +1.16%
  • IMPP
    Imperial Petroleum
    3.370
    -0.88%
  • OXY
    Occidental Petroleum
    51.930
    +0.76%
  • BP
    BP PLC
    29.720
    +0.68%
  • XOM
    Exxon Mobil
    121.790
    -0.11%