AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
PSX
Currencies
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home Business

OPEC+ to weigh rollover or oil output cut at Sunday meeting -Reuters

admin-augaf by admin-augaf
November 29, 2022
in Business, Finance, Politics
Reading Time: 2 mins read
0
OPEC+ to weigh rollover or oil output cut at Sunday meeting -Reuters

An OPEC flag is seen on the day of OPEC+ meeting in Vienna in Vienna, Austria October 5, 2022. AUGAF/REUTERS/Lisa Leutner/

Share on FacebookShare on TwitterWhatsapp

London November 29 2022: OPEC+ is likely to keep oil output policy unchanged at a meeting on Sunday, five OPEC+ sources said Reuters, although two sources said an additional production cut was also likely to be considered to bolster prices that have slid due to fears of an economic slowdown.

The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meets as demand faces headwinds from slowing economies and Chinese COVD-19 lockdowns, while a looming European Union ban on Russian crude imports and a G7 price cap on Russian oil places a question mark over supply.

Five OPEC+ sources told Reuters that the Sunday meeting would most likely roll over existing policy. Two more sources said the group could discuss another output cut, although neither thought another cut was highly likely.


The meeting, planned as an in-person gathering, may be made a partly or fully virtual event, the sources added.

A drop in oil prices, after coming close to all-time highs of $147 a barrel in March due to the conflict in Ukraine, has prompted analysts such as Eurasia Group to suggest that OPEC+ could cut output. Brent crude was trading just above $85 on Tuesday.

In October, OPEC+ agreed to cut output by 2 million barrels per day (bpd) - equal to 2% of global supply -- causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted.

Top OPEC exporter Saudi Arabia on Nov. 21 said OPEC+ was sticking with output cuts and could take further measures to balance the market.


"The current cut of 2 million barrels per day by OPEC+ continues until the end of 2023 and if there is need to take further measures by reducing production to balance supply and demand we always remain ready to intervene," Saudi Energy Minister Prince Abdulaziz bin Salman was quoted by state news agency SPA as saying on Nov. 21.

The energy ministers of Saudi Arabia and Iraq met on Thursday and stressed the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday.

Source: Reuters

Related Posts

Gold Price Jump Nearly Rs 2,000 A Tola in Pakistan

Gold Price Nears All-Time High in Pakistan

Gold Prices Gain for the Six Straight Day

Gold Prices Increase PKR 21 Thousand During Week on Rupee Fall


Tags: CommoditiesOPEC plus
admin-augaf

admin-augaf

Related Posts

China’s Export Growth Beats Expectations, Offering Support
Business

Pakistan Exports and Remittances Decline on Global Slowdown, Says Central Bank

January 30, 2023
Dollar Swaps Face Biggest Collapse Since Fed 2011 Liquidity Plan: Bloomberg
Business

Pakistan Rupee Fair Value Is 266 – Bloomberg

January 30, 2023
China’s Sichuan Frees Unmarried People to Legally have Children
Business

China’s Sichuan Frees Unmarried People to Legally have Children

January 30, 2023

Recent News

China’s Export Growth Beats Expectations, Offering Support

Pakistan Exports and Remittances Decline on Global Slowdown, Says Central Bank

January 30, 2023
Dollar Swaps Face Biggest Collapse Since Fed 2011 Liquidity Plan: Bloomberg

Pakistan Rupee Fair Value Is 266 – Bloomberg

January 30, 2023
China’s Sichuan Frees Unmarried People to Legally have Children

China’s Sichuan Frees Unmarried People to Legally have Children

January 30, 2023
Abu Dhabi Customs Now Provides Possibility of Clearing goods for Non-resident Individuals and Companies

Abu Dhabi Customs Now Provides Possibility of Clearing goods for Non-resident Individuals and Companies

January 30, 2023
Pakistan Sole DAP Manufacturer Reported Loss in Third Quarter on Lower Sales

Pakistan Sole DAP Manufacturer Profitability Drop 64% in 2022

January 30, 2023

Popular News

  • Central Directorate of National Savings

    President Prohibit National Savings For Changing Rates on Existing Certificates Retrospectively

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Appreciate against Dollar in Interbank as IMF Confirmed Board Review Date

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall After 13 Days of Successive Gains against Dollar on Lower Remittances and Strengthening of US Dollar

    0 shares
    Share 0 Tweet 0
  • Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall for the Straight Second Day Against Dollar on Opening of LCs

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • Pakistan Exports and Remittances Decline on Global Slowdown, Says Central Bank
  • Pakistan Rupee Fair Value Is 266 – Bloomberg
  • China’s Sichuan Frees Unmarried People to Legally have Children

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

China’s Export Growth Beats Expectations, Offering Support

Pakistan Exports and Remittances Decline on Global Slowdown, Says Central Bank

January 30, 2023
Dollar Swaps Face Biggest Collapse Since Fed 2011 Liquidity Plan: Bloomberg

Pakistan Rupee Fair Value Is 266 – Bloomberg

January 30, 2023
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.