|
Search the Community
Showing results for tags 'price of oil'.
Found 1 result
-
Expectations that the price of a barrel of oil will exceed $100 next year EconomyBreakingRising PricesOil MarketProduction Reduction 2023-12-01 // 07:37 Shafaq News / The American network "CNBC" expected, on Friday, that oil prices would exceed $100 per barrel next year, against the backdrop of OPEC+ members' commitment to reducing production. The network stated in a report that oil prices are expected to rise in the new year after some OPEC+ oil producers voluntarily pledged to reduce production. The global oil alliance, OPEC+, which leads stability in the market, issued a statement yesterday, Thursday, that did not officially support the continuation of production cuts, but individual countries announced voluntary cuts totaling 2.2 million barrels per day for the first quarter of 2024. The cuts are led by the Kingdom of Saudi Arabia, which is the largest member of OPEC and the most important oil producer in the world, as Riyadh agreed to extend the voluntary production cut by one million barrels per day, which is the voluntary cut that the Kingdom has been making since last July, and will continue with it until the end of the quarter. 1st of 2024. Russia said it would reduce supplies by 300,000 barrels per day of crude and 200,000 barrels per day of petroleum products during the same period. Iraq reduces 223 thousand barrels per day, the United Arab Emirates 163 thousand barrels per day, Kuwait 135 thousand barrels per day, Kazakhstan 82 thousand barrels per day, Algeria 51 thousand barrels per day, and the Sultanate of Oman 42 thousand barrels per day. “Commitment is key,” said Bill Perkins, CEO and chief trader at Skylar, adding, “We must get compliance from other OPEC countries.” He continued, "When some countries say they will reduce production, the market does not trust them to the same extent." The CNBC report says that the way in which the production cuts were announced confused traders and raised doubts in the market, as member states issued separate statements regarding their voluntary cuts. But the report confirms that "if members adhere to the cuts they pledged, crude oil prices are expected to rise over the next year." “When the cuts end at the end of the first quarter, these removed barrels will only gradually return to the market, which should help keep the oil market thirsty in the future,” UBS strategist Giovanni Stanovo wrote in a note following the decision. The first half of 2024,” he said, adding that he expected prices to rise in the oil market, which suffers from a lack of supply. Likewise, Goldman Sachs expects prices to rise, adopting a wait-and-see approach regarding OPEC+ members’ commitment to the proposed cuts. Global benchmark Brent crude futures fell by 0.25% to $80.66 per barrel on Friday, while US West Texas Intermediate crude futures fell by 0.04% to $75.93 per barrel. https://shafaq.com/ar/اقتصـاد/توقعات-بتجاوز-سعر-برميل-النفط-100-دولار-العام-المقبل
