Oil prices remain under pressure despite the OPEC decision to delay its production increases, with demand concerns continuing to weigh on prices.
Despite
postponed its planned supply increases by another quarter, now pledging to start unwinding output cuts from April 2025 onwards. This, however, was not enough to convince oil markets of a bullish narrative lurking out there, not even the postponement of the UAE's baseline quota increase could stop ICE Brent from dipping back below $72 per barrel.
Oil Prices WTI Brent OPEC+ Demand Supply
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil Prices Fall Ahead of OPEC MeetingOil prices fell after a U.S. inventory report showed a gasoline stockpile increase, with traders waiting for OPEC's decision on production cuts.
Read more »
Opec+ extends oil production cuts in bid to support pricesOil cartel will pump 818,000 b/d less than expected in 2025
Read more »
Oil Prices Steady After OPEC Pushes Back Output HikeOPEC delays planned output increase and extends production cuts, responding to bearish market sentiment and easing trader concerns about oversupply.
Read more »
Oil Prices Set for Weekly Dip Despite OPEC DecisionOPEC has delayed the rollback of oil production cuts, raising concerns about weak demand despite predictions of a market correction next year.
Read more »
OPEC Tapering Mechanisms Will Continue To Dictate Oil PricesCommodity experts at Standard Chartered have predicted that actions by OPEC are likely to determine the near-and mid-term oil price trajectory
Read more »
Opec+ Cuts 2025 Production Plans to Boost Oil PricesThe Opec+ group, led by Saudi Arabia and Russia, has announced a significant reduction in its planned oil production for 2025, pushing back the reintroduction of 2.2 million barrels per day of crude oil until April 2025 and extending the period over which the increase would take place. The UAE has also agreed to postpone an increase of 300,000 barrels per day to its quota until April. Analysts estimate that the group will pump over 800,000 barrels per day less in 2025 than previously anticipated.
Read more »