{"id":65392,"date":"2023-06-04T07:00:43","date_gmt":"2023-06-04T12:00:43","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65392"},"modified":"2023-06-04T07:00:43","modified_gmt":"2023-06-04T12:00:43","slug":"opec-discussing-1-million-bpd-output-cut","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65392","title":{"rendered":"OPEC+ Discussing 1 Million Bpd Output Cut"},"content":{"rendered":"
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OPEC+ Discussing 1 Million Bpd Output Cut<\/a><\/h3>\n<\/header>\n
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Oil prices were trading up on Friday afternoon as shorts got a little nervous heading into the OPEC+ weekend,<\/strong>\u00a0with new rumors circulating about the group\u2019s discussions about another 1 million bpd in production cuts.<\/p>\n

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The OPEC+ group is scheduled for three separate meetings beginning this weekend and concluding on June 4.<\/p>\n

While the\u00a0general sentiment has been that the group will keep the status quo as far as production targets<\/strong>\u00a0are concerned. But Saudi Arabia\u2019s Energy Minister has made boisterous threats against oil\u2019s speculators in the runup to the meeting, saying that\u00a0shorts will be \u201couching\u201d.<\/strong><\/p>\n

On Thursday, Reuters suggested that the OPEC+ group would be unlikely to deepen its production targets at the meeting this weekend.<\/p>\n

But late on Friday, Reuters suggested that OPEC+ was indeed discussing an\u00a0additional output cut of around 1 million barrels \u201camong possible options\u201d\u00a0<\/strong>for the meeting on June 4.<\/p>\n

\u201cEverything is on the table,\u201d\u00a0<\/strong>Iran\u2019s OPEC Governor\u00a0Amir Zamaninia\u00a0told reporters in the Austrian capital.<\/p><\/blockquote>\n

Crude oil prices<\/a>\u00a0were already trading up ahead of the meeting, but increased even more in the afternoon hours, bringing Brent crude to $76.32 at 4:20 p.m., a $2.06 per barrel increase on the day. WTI was trading at $71.90 per barrel at that time.<\/p>\n

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A supply reduction of as much as 1 million barrels a day is the most likely outcome, according to RBC\u2019s Chief Commodities Strategist\u00a0Helima Croft.<\/p>\n

\u201cWe think that the continued macro worries and soured sentiment will lead the group to make another downward adjustment,\u201d\u00a0<\/strong>she said in a note.<\/em><\/p><\/blockquote>\n

But Saudi Arabia appears to still be in control of OPEC+, and The Kingdom could decide to make good on his threats to punish short sellers for their speculative trades that fly in the face of market fundamentals.<\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

OPEC+ Discussing 1 Million Bpd Output Cut Oil prices were trading up on Friday afternoon as shorts got a little nervous heading into the OPEC+ weekend,\u00a0with new rumors circulating about the group\u2019s discussions about another 1 million bpd in production cuts. The OPEC+ group is scheduled for three separate meetings beginning this weekend and concluding […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[595,17834,25704,4318],"class_list":["post-65392","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-production","tag-oil-production-cuts","tag-opec-2","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65392"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65392\/revisions"}],"predecessor-version":[{"id":65393,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65392\/revisions\/65393"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}