Topics

Posted 9/5/2023, 2:43:00 PM

Saudi Arabia, Russia extend voluntary oil cuts to year-end, markets jump

Saudi Arabia and Russia have announced that they will extend voluntary oil cuts until the end of the year, despite a rally in the oil market and expectations of tight supply, contributing to a rise in oil prices and posing a fresh blow to US President Joe Biden.

reuters.com

Relevant topic timeline:

8/31/2023

Oil Price Forecast Gets Boost On OPEC Output Cut Expectations

A group of oil analysts and economists have raised their 2023 oil price forecasts, predicting Brent crude will average $82.45 a barrel and that Saudi Arabia is likely to extend its voluntary oil supply cut into October.

9/1/2023

Oil rises to highest in over seven months on supply worries

Oil prices rose to their highest level in over six months due to expectations of tightening supplies, with Saudi Arabia expected to extend its voluntary oil production cut and Russia agreeing to cut oil exports next month.

9/5/2023

Oil prices surge after Saudi Arabia and Russia extend production cuts

Oil prices reached a new high for the year after Saudi Arabia and Russia agreed to extend output cuts, reinforcing efforts to support oil prices by the OPEC+ alliance.

9/8/2023

Saudi Arabia Faces First Economic Contraction Since 2020 as Oil Cuts Bite

Analysts predict that Saudi Arabia may face an economic contraction in 2023 due to its decision to extend crude production cuts, highlighting the nation's heavy reliance on oil, while a large dividend from Saudi Aramco may provide some cushion for public finances.

9/9/2023

Oil Prices Surge as Saudi Arabia and Russia Limit Supply While Demand Remains High

The price of oil is surging as Saudi Arabia and Russia cut output, creating a supply deficit that is driving up prices and threatening a fragile global economy with inflation and potential interest rate hikes.

9/11/2023

Rising Oil Prices Threaten Higher Inflation and Interest Rates Despite Economic Slowdown

The extension of voluntary oil production cuts by Saudi Arabia and Russia has caused oil prices to surge above $90 a barrel, threatening an inflationary spike that could disrupt central banks' plans to wind down interest-rate hikes, particularly for the Bank of Canada.

9/18/2023

Oil Prices Continue to Climb on Supply Cuts and Strong China Demand

Oil prices increased for a third consecutive session due to forecasts of a supply deficit in the fourth quarter, the extension of output cuts by Saudi Arabia and Russia, and optimism about a recovery in demand in China.

9/17/2023

OPEC Cuts Exacerbate Global Energy Crisis, Fueling Inflation and Shortages

The International Energy Agency warns of a deepening oil market deficit in the fourth quarter due to extended Saudi and Russian production cuts, leading to diesel shortages and higher fuel prices impacting sectors such as construction, transport, and farming.

9/19/2023

Saudi Minister Defends Oil Cuts as Prices Rise, But Tensions With IEA Remain Over Supply Outlook

Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, stated that the decision to extend crude oil supply cuts with Russia is not about raising prices, but rather about making the right decision at the appropriate time based on data and clarity, as oil prices near $100 per barrel and analysts predict further increases.

9/18/2023

Oil Prices Surge to Highest Levels Since 2022 as OPEC Cuts Output, Squeezing Companies Reliant on Fuel

Rising oil prices continue to soar due to supply cuts by Saudi Arabia and Russia, with Brent and WTI crude prices reaching their highest level since November and targeting their biggest quarterly jumps since 2014, causing concerns about potential inflation and impacting industries reliant on fuel such as airlines and trucking companies.

Topics

Posted 9/5/2023, 2:43:00 PM

Saudi Arabia, Russia extend voluntary oil cuts to year-end, markets jump

reuters.com

Relevant topic timeline:

8/31/2023

Oil Price Forecast Gets Boost On OPEC Output Cut Expectations

9/1/2023

Oil rises to highest in over seven months on supply worries

9/5/2023

Oil prices surge after Saudi Arabia and Russia extend production cuts

Oil prices reached a new high for the year after Saudi Arabia and Russia agreed to extend output cuts, reinforcing efforts to support oil prices by the OPEC+ alliance.

9/8/2023

Saudi Arabia Faces First Economic Contraction Since 2020 as Oil Cuts Bite

9/9/2023

Oil Prices Surge as Saudi Arabia and Russia Limit Supply While Demand Remains High

9/11/2023

Rising Oil Prices Threaten Higher Inflation and Interest Rates Despite Economic Slowdown

9/18/2023

Oil Prices Continue to Climb on Supply Cuts and Strong China Demand

9/17/2023

OPEC Cuts Exacerbate Global Energy Crisis, Fueling Inflation and Shortages

9/19/2023

Saudi Minister Defends Oil Cuts as Prices Rise, But Tensions With IEA Remain Over Supply Outlook

9/18/2023

Oil Prices Surge to Highest Levels Since 2022 as OPEC Cuts Output, Squeezing Companies Reliant on Fuel