OPEC has reached a deal to delay the unwinding of its production cuts that were planned to begin in October, anonymous OPEC sources told Bloomberg on Tuesday
. The group now plans to ease output cuts beginning in December.
has long maintained that its plan to roll back the cuts was a tentative one and dependent on market balance. While the global oil markets are currently believed to be in deficit, oil prices are falling and are down nearly $7 per barrel in the last week alone. members have snapped up what members have also received criticism for not fully adhering to its agreed-upon production plan. News that
Oil Inventories Crude Gasoline Refining Distillates Downstream
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.
Underwhelming Oil Demand Could Force OPEC to Delay Easing of CutsOPEC plans to increase oil production in October, but analysts are concerned that sluggish demand, especially in China, may not be able to absorb the extra supply, potentially leading to a drop in oil prices.
Read more »
OPEC's Oil Output Jumps by 185,000 Bpd as Iraq Continues to OverproduceOPEC's crude oil production increased in July due to higher output from Saudi Arabia, Iraq, and Iran, despite production quotas.
Read more »
Shoppers praise pet-safe mouse repellent that doesn't have 'unpleasant odour'The effective repellent contains a mixture of castor oil, wintergreen oil, menthol and cinnamon oil
Read more »
KazMunayGas Hasn't Been Asked to Reduce Output In Line With New OPEC PlanKazakstan's National Company, KazMunayGas, hasn't been given any instructions to cut its oil production in line with that new compensation plan
Read more »
OPEC Discusses Delaying Supply Boost After Oil Price CrashOPEC is discussing a delay in its planned production increase due to a recent oil price slump.
Read more »
Will OPEC Opt for This Risky Strategy to Spur Future Oil DemandThe cartel and its allies led by Russia could opt to boost supply even amid slack current demand in the hope of raising demand in the medium term with lower oil prices.
Read more »