Oil prices surge after falling below key threshold as report says Saudi Arabia plans to extend production cuts into 2024

Spread the love
oil rig


  • US and international oil prices jumped on Friday by more than 4% after a week-long slump.

  • Saudi Arabia is considering prolonging production cuts into 2024, the Financial Times reported.

  • OPEC+ is set to convene in Vienna on November 26 to discuss any adjustments to output.

US and global oil prices surged on Friday following a week-long slump, as the Financial Times reported top producer Saudi Arabia is considering prolonging its production cuts into 2024.

West Texas Intermediate jumped 4.03% to $75.80 a barrel, and Brent crude, the international benchmark, moved higher 4.24% to $80.70 a barrel. Both benchmarks had dipped to multi-month lows below the important $80 a barrel threshold earlier in the week.

Sources familiar told the FT that Saudi officials were likely to extend the country’s current one million barrel-a-day cut into at least the spring.

Previously, the voluntary cuts had been expected to end at the end of 2023.

OPEC+ leaders are set to convene in Vienna on November 26 to cement any new decisions on oil output among member states, and any further pullbacks in production could raise tensions with the US. Falling oil prices would be the main driver of the cuts, but some members, the report said, are concerned about the Israel-Palestine conflict and the crisis unfolding in Gaza.

One person said an additional OPEC+ cut of a million barrels a day could take shape due to the conflict. Kuwait, Algeria, and Iran, per the FT, are the members most agitated by the ongoing conflict in Gaza.

No final decisions have been made, and sources maintained that any public comments by Prince Abdulaziz bin Salam would veer away from Israel-Palestine and focus on oil markets.

“You should not underestimate the level of anger there is and the pressure leaders in the Gulf feel from their populations to be seen to respond in some manner,” one source told the FT.

Read the original article on Business Insider

EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email [email protected] Follow our WhatsApp verified Channel210520-twitter-verified-cs-70cdee.jpg (1500×750)

Support Independent Journalism with a donation (Paypal, BTC, USDT, ETH)

News Agencies

About Author

The latest news from the News Agencies

You may also like

exotic expansion llc best stock picking services

Exotic Expansion LLC: Is it one of few Best Stock Picking Services?

Spread the loveExotic Expansion LLC: You may have wondered once in a life that if you had someone who can
investing in cryptocurrencies

Are you investing in cryptocurrencies? 4 important points before you invest

Spread the loveInvesting in cryptocurrencies Driven by financial backers’ energy, the cryptographic money market as of late crossed the $3