Producer group likely to watch US president-elect’s plans to impose sanctions against Iran and Venezuela, say analysts
Oil cartel Opec+ is expected to extend current production cuts when it meets on Thursday, as it waits to see how US president-elect Donald Trump imposes oil sanctions on Iran and Venezuela. The wider Opec group, led by Saudi Arabia and Russia, is currently holding back almost 6mn barrels per day from the market, almost 6 per cent of global supply, after making a series of cuts to shore up prices.
One analyst, who asked not to be named, said Saudi Arabia was keen not to be perceived as being too eager to fill the gap left, if sanctions on Iranian oil prove to be successful. “They will wait until the market makes it clear that it needs oil,” the analyst predicted. A further delay will give Opec+ time to watch whether Chinese oil demand picks up as the government tries to stimulate the country’s economy.
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.
Trump wins latest: Trump makes first major appointment; three states move to 'Trump-proof' lawsVladimir Putin has described Donald Trump as a 'bullied' and 'brave man' after his monumental political comeback. Meanwhile, three states, including America's most populous, are making moves to protect liberal policies from the next administration.
Read more »
OPEC Faces Double Trouble China Demand Weakness and Trump's PoliciesAmidst further uncertainties about global oil supply and demand with President Trump, OPEC may have to tweak their production policy more often than they have intended.
Read more »
What Will Trump's Approach Be To Saudi Arabia And OPECTrump is likely to continue his historical enforcement of a strategic oil price range to benefit U.S. economic and political interests.
Read more »
Harris vs. Trump Contrasting Approaches to IranThe upcoming US election will significantly impact Washington's Iran policy, with potential shifts under either a Harris or Trump administration.
Read more »
Israeli strikes, sanctions, maximum pressure – Iran steels itself for a Trump winIran is watching the US election closely - and bracing for a Trump win
Read more »
From Iran to Ukraine: What Trump means for global securityAs European leaders feel anxious about the next Trump presidency, could he actually be the strongman peacemaker who makes the world a safer place?
Read more »