OPEC+ is an oil-producer group comprising member countries of the Organization of the Petroleum Exporting Countries (OPEC) and their allies…reports Asian Lite News
Several OPEC+ members have announced extensions of oil output cuts into the second quarter to support the “stability and balance of oil markets”.
OPEC+ is an oil-producer group comprising member countries of the Organization of the Petroleum Exporting Countries (OPEC) and their allies.
OPEC stated on Sunday night that its Secretariat “noted the announcements” of several OPEC+ countries extending additional voluntary cuts totalling 2.2 million barrels per day (bpd) for the second quarter of 2024, Xinhua news agency reported.
The reductions are taken from the quotas adopted at the OPEC+ ministerial meeting in June 2023. They are in addition to the voluntary output cuts announced by OPEC+ countries in April last year and later extended until the end of 2024, OPEC said.
In November last year, Saudi Arabia, Russia and several other OPEC+ countries announced voluntary production cuts totalling about 2.2 million bpd for the first quarter of this year.
Saudi Arabia’s Ministry of Energy said on Sunday that the country, the de facto leader of OPEC, would extend its voluntary production cut of 1 million bpd through the end of June. The country’s oil production will be approximately 9 million bpd until the end of the second quarter, according to the ministry.
Russia, a leading OPEC ally, also announced voluntary cuts of 471,000 bpd from its crude production and exports for Q2, slightly lower than its cuts of 500,000 bpd in Q1.
Other OPEC+ countries, including Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, also extended their voluntary production cuts into Q2.
However, the OPEC statement noted that these voluntary cuts “will be returned gradually subject to market conditions” to support market stability after June.
OPEC+ countries are set to convene a ministerial meeting in June to discuss production targets.
The cuts will be in addition to the announced voluntary cut by the Russian Federation of 500 thousand barrels per day for the same period (starting 1st of January until the end of March 2024)…reports Asian Lite News
The OPEC Secretariat noted the announcement of several OPEC+ countries of additional voluntary cuts to the total of 2.2 million barrels per day, aimed at supporting the stability and balance of oil markets.
These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on 4th June 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024, according to a press release issued by OPEC on Thursday.
These additional voluntary cuts are announced by the following OPEC+ countries: Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024. Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions.
The above cuts will be in addition to the announced voluntary cut by the Russian Federation of 500 thousand barrels per day for the same period (starting 1st of January until the end of March 2024), which will be made from the average export levels of the months of May and June 2023, and will consist of 300 thousand barrels a day of crude oil and 200 thousand barrels per day of refined products.
UAE to cut additional 163,000 bpd
The United Arab Emirates will implement an additional voluntary cut of 163 thousand barrels per day starting 1st of January 2024 until the end of March 2024, in coordination with some OPEC+ participating countries. Therefore, the United Arab Emirates’ production will be 2,912 thousand barrels per day until the end of March 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions.
This voluntary cut is in addition to the voluntary cut of 144 thousand barrels per day previously announced by the United Arab Emirates in April 2023, which extends until the end of December 2024.
Al Mazrouei stressed that the Ministry of Energy and Infrastructure has completed the update to the UAE Energy Strategy 2050 and the development of the hydrogen strategy…reports Asian Lite News
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said the Organisation of the Petroleum Exporting Countries (OPEC) and its allies in OPEC+ always strive to ensure balance in market fundamentals between supply and demand, to avoid an accumulation in global oil inventories that could lead to instability and speculative activities in global markets.
In a statement to the Emirates News Agency (WAM) ahead of the 8th OPEC International Seminar, which will be held on Wednesday in the Austrian capital, Vienna, Al Mazrouei stated that OPEC’s technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial committee to make appropriate decisions, which can help improve market stability and drive sustainable growth.
The OPEC International Seminar’s 8th edition, which will be held under the theme, “Towards a Sustainable and Inclusive Energy Transition”, is an important global platform for forecasting and shaping the future of the global energy sector, with the participation of oil producing and consuming countries, energy sector leaders and experts from around the world, he added.
It will also contribute to a fair and realistic energy transition towards a more sustainable future, and ensure reliable energy supplies by utilising the latest tech solutions in this vital sector, he continued.
Regarding the update of the country’s energy and hydrogen strategies, Al Mazrouei stressed that the Ministry of Energy and Infrastructure has completed the update to the UAE Energy Strategy 2050 and the development of the hydrogen strategy, which were announced today.
India to lead demand for oil till 2045, says OPEC report
Both strategies are in line with the UAE’s efforts to achieve climate neutrality by 2050, through expanding the use of renewable energy, implementing new projects in areas such as hydrogen energy and waste-to-energy conversion, and encouraging investments in the energy and advanced technology sectors, which will support the country’s climate and achieve sustainable economic growth across various sectors, he said.
He also pointed out that both strategies are key tools for increasing reliance on clean energy sources and improving efficiency-enhancing technologies, which are strategic priorities of the UAE, especially in terms of supporting its climate action efforts as it prepares to host the 28th Conference of the Parties (COP28) at the end of 2023 in Expo City Dubai, with the participation of many countries.
Regarding the UAE’s energy transition, Al Mazrouei said that the UAE has made sig nificant progress as shown in the Green Future Index 2023, rising eight ranks from the previous year to rank second globally.
In recent decades, the UAE has witnessed a significant energy transformation, becoming a global leader in the use of modern technology and innovation in the energy sector, he added.
He also pointed out that the UAE has vital natural resources in the oil and gas sector, and through a long-term strategy, it has diversified its economy and transitioned to a more diverse and sustainable energy mix, as it increasingly focuses on developing renewable energy sources, such as solar and nuclear energy and hydrogen.
The UAE Government encourages investments in these strategic sectors, and due to its commitment to innovation and sustainable development, the country has enhanced its position as a global leader in the energy sector, he added.
Al Mazrouei affirmed that the UAE is committed to driving sustainability and transitioning to more sustainable energy sources, adding that this growth in the energy sector is expected to continue within the framework of the UAE Energy Strategy 2050, which aims to encourage investments in renewable and clean energy projects, and raise awareness about the importance of achieving sustainable development.
Regarding the UAE’s investments in new and renewable energy sectors, Al Mazrouei noted that it has helped build the future-proof energy ecosystem through local and international investments in solar energy projects, peaceful nuclear technologies, carbon capture and storage solutions, and energy efficiency.
crude oil, UAE-based Indian national sanctioned by US for smuggling Iranian oil.
The UAE has invested more than US$50 billion in clean energy projects across 70 countries and has pledged to invest another US$50 billion in clean energy projects domestically and internationally over the next decade.
It has also provided over US$1.5 billion in grants and concessional loans for renewable energy projects, including projects in 30 developing island countries, which aim to improve access to electricity, meet a significant portion of their energy needs, create job opportunities, support community development and local economies, and reduce pollution, while enhancing these countries’ capacities to counter climate change.
In November 2022, the UAE announced the UAE-US Partnership for Accelerating Clean Energy (PACE), which aims to attract US$100 billion in financing to deploy 100GW of clean energy in the US, UAE and emerging economies around the world by 2035.
Saudi Arabia said it would make further cuts of one million barrels per day (bpd) in July and OPEC+ said targets would drop by a further 1.4 million bpd from 2024…reports Asian Lite News
The group of oil-producing countries resolved to extend oil production curbs through 2024, but oil kingpin Saudi Arabia has announced further cuts in its output of about one million barrels per day.
The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC Plus, met on Sunday and resolved to prolong the oil output cutbacks under the leadership of Russia and Saudi Arabia.
OPEC described the move as aiming to “achieve and sustain a stable oil market, and to provide long-term guidance for the market, and in line with the successful approach of being precautious, proactive and preemptive”, The Hill reported.
However, Saudi Arabia said it would make further cuts of one million barrels per day (bpd) in July and OPEC+ said targets would drop by a further 1.4 million bpd from 2024.
Saudi Energy Minister Abdulaziz bin Salman Al Saud. (File Photo: IANS)
Oil prices have risen after Saudi’s announcement of big output cuts. In Asia trade on Monday, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel, BBC reported.
The United Arab Emirates will extend its voluntary cut of 144 thousand barrels per day until the end of December 2024, as a precautionary measure, in coordination with the countries participating in the OPEC Plus agreement, which had previously announced voluntary cuts in April, state media WAM reported.
OPEC+ accounts for around 40 per cent of the world’s crude oil and its decisions can have a major impact on oil prices.
In Asia trade on Monday, Brent crude oil rose by as much as 2.4 per cent before settling at around $77 a barrel.
The seven hour-long meeting on Sunday of the oil-rich nations, led by Russia, came against a backdrop of falling energy prices.
Total production cuts, which OPEC+ has undertaken since October 2022, reached 3.66 million bpd, according to Russian Deputy Prime Minister Alexander Novak, the BBC reported.
OPEC+, a formulation which refers to the Organization of Petroleum Exporting Countries and its allies, had already agreed to cut production by two million bpd, about 2 per cent of global demand.
“The result of the discussions was the extension of the deal until the end of 2024,” Novak said.
On Sunday, Saudi Energy Minister Prince Abdulaziz bin Salman said the cut of one million bpd could be extended beyond July if needed, the BBC reported.
“This is a Saudi lollipop,” he said, in what is seen as a bid to stabilise the market.
In April, Saudi Arabia, Russia, and other OPEC+ oil producers declared their intention to reduce production by 1.16 million barrels per day. The countries that produce oil had previously agreed to reduce their output by 2 million barrels per day through the end of the year.
When the decision was made, the National Security Council criticised it, stating that the administration did not consider cuts “advisable at this time given market uncertainty.”
President Biden had also threatened that there would be “consequences” for Saudi Arabia, after the country announced the production cut last October of about 2 million barrels per day, The Hill reported.
This move is not expected to affect gas prices in the United States, as pump prices have remained flat even after Memorial Day weekend travel. As of Sunday, the national average of gas prices was USD 3.55 per gallon, according to AAA. (ANI)
Iran-VE ban aid US be India's 2nd biggest crude supplier in Feb.
UAE among members of Organisation of Petroleum Exporting Countries (OPEC) Plus announced a surprise cut in oil production that will exceed one million barrels a day….reports Asian Lite News
Oil prices have surged and surpassed USD 85 per barrel after several of the world’s largest oil exporters announced surprise cuts in production.
This is the first time since March 7 that the price of futures contracts of Brent crude oil surged. The price of futures contracts of Brent crude oil for June 2023 delivery on London’s ICE surpassed USD 85 per barrel, Russian News Agency TASS reported.
As of 1:09 am Moscow time on Monday, the price of Brent oil went up by 6.43 per cent to USD 85.03 per barrel, it was reported.
By 1:12 am (Local Time), Brent was trading at USD 85.41 per barrel (6.46 per cent). The price of futures contracts of WTI crude oil for May 2023 delivery went up by 6.21 per cent, to USD 80.37 per barrel.
The increase came after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels a day.
Oil prices soared when Russia invaded Ukraine in February 2022, but are now back at levels seen before the war began.
However, the US has been calling for producers to increase output in order to push energy prices lower.
High energy and fuel prices last year helped to drive up inflation – the rate at which prices rise – putting pressure on many households’ finances.
The reduction in output is being made by members of the OPEC+ oil producers. The group accounts for about 40 per cent of all the world’s crude oil output, the BBC reported.
Saudi Arabia is reducing output by 500,000 barrels per day and Iraq by 211,000. The UAE, Kuwait, Algeria and Oman are also making cuts.
A Saudi energy ministry official said the move was “a precautionary measure aimed at supporting the stability of the oil market”, the official Saudi Press Agency said.
Nathan Piper, an independent oil analyst said the move by OPEC+ appeared to be an attempt to keep the oil price above $80 a barrel in the medium term, given that demand could be hit by a weakening global economy and sanctions have had a “limited impact” on restricting Russian oil supplies, the BBC reported.
UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei announced that the country will voluntarily cut its oil output by 144,000 bpd, effective May through the end of 2023, in coordination with some countries that are parties to the OPEC+ agreement.
“This voluntary initiative is a precautionary measure taken to ensure market balance and comes in alignment with the production cut agreed upon during the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM), held on 5th October 2022,” the minister said in a statement. OPEC+ is scheduled to hold the Meeting of the Joint Ministerial Monitoring Committee (JMMC), on Monday via video conferencing.
Meanwhile, Iraq will voluntarily cut oil production by 211,000 barrels per day (bpd) from May until the end of this year, the country’s Oil Ministry said in a statement.
The move is a “precautionary measure” taken in coordination with some countries of OPEC+, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, to stabilise the global oil market, it added on Sunday.
Ministry data show that Iraq is producing more than 4.5 million bpd, Xinhua news agency reported.
Oil prices have risen since the outbreak of the Russia-Ukraine war in February last year, benefiting oil-exporting countries, including Iraq. However, oil prices declined in the past few months due to fears of lower demand in global markets.
Iraq’s economy relies heavily on crude oil exports, which account for more than 90 per cent of its revenue.
The EIA said that ongoing concerns about global economic conditions as well as the easing Covid-19 restrictions in China raised the uncertainty of the outcomes of its demand forecasts….reports Asian Lite News
Leading oil officials have recommended to maintain the current oil output policy of OPEC+, the OPEC and its allies, amid an uncertain global economic outlook.
The OPEC+ agreed in October 2022 to cut production by 2 million barrels per day from the following month until the end of 2023. The cut equals to about 2 per cent of the annual global oil demand, Xinhua news agency reported.
Members of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) “reaffirmed their commitment” to the current output plan at a virtual meeting on Wednesday and “urged all participating countries to achieve full conformity and adhere to the compensation mechanism,” according to an OPEC statement.
The JMMC comprises oil ministers from the OPEC+ countries. It has no decision-making power but provides policy recommendations for the OPEC+ ministerial meeting, the group’s decision-making body. It has also the authority to request additional OPEC+ ministerial meetings “at any time to address market developments,” according to OPEC.
The JMMC has reviewed the oil production data for November and December last year and “noted the overall conformity” for the OPEC+ countries, OPEC added.
The next JMMC meeting is scheduled for April 3. The next OPEC+ ministerial meeting, where the group will formally decide its output policy, is set for June 4.
In January, the US Energy Information Administration (EIA) said that global oil inventories will increase over the next two years with more global oil production than consumption. Partly as the result, crude oil prices will further go down, the EIA said in its January Short-Term Energy Outlook (STEO) report.
The report forecast that global production of liquid fuels will reach an average of 102.8 million barrels per day (b/d) in 2024, up from 100 million b/d in 2022, driven by large growth in non-OPEC production.
However, uncertainty over Russia’s oil supply will persist, particularly in early 2023, the report noted, expecting global consumption of liquid fuels will rise from an average of 99.4 million b/d in 2022 to 102.2 million b/d in 2024.
The EIA said that ongoing concerns about global economic conditions as well as the easing Covid-19 restrictions in China raised the uncertainty of the outcomes of its demand forecasts.
As for crude oil prices, the Brent crude oil price is forecast to average $83 per barrel in 2023, down 18 per cent from 2022, and continue to fall to $78 dollars in 2024 as global oil inventories build, putting downward pressure on crude oil prices.
Gasoline prices will also decline as both wholesale refining margins and crude oil prices fall, said the report, forecasting US gasoline refining margins to fall by 29 per cent in 2023 and by 14 per cent in 2024, leading to retail gasoline prices averaging around $3.30 per gallon in 2023 and $3.10 per gallon in 2024.
The decision comes as oil markets wait to see how a slowing Chinese economy and a G7 price cap on Russian oil would affect demand and supply fundamentals…reports Asian Lite News
OPEC+ agreed to keep to its oil output targets unchanged at the 34th Ministerial Meeting that took place by videoconference yesterday.
“In line with the decision of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation at the 33rd OPEC and non-OPEC Ministerial Meeting on 5 October 2022, which was purely driven by market considerations and recognized in retrospect by the market participants to have been the necessary and the right course of action towards stabilizing global oil markets; and adhering to the approach of being proactive and pre-emptive, the Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary,” read an OPEC statement following the meeting.
The participating Countries reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021 and the 33rd OPEC and non-OPEC Ministerial Meeting on 5 October 2022, including the adjustment of the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC) and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary.
They reiterated the critical importance of adhering to full conformity and compensation mechanism taking advantage of the extension approved on the 33rd OPEC and non-OPEC Ministerial Meeting.
The decision comes as oil markets wait to see how a slowing Chinese economy and a G7 price cap on Russian oil would affect demand and supply fundamentals.
Europe alarmed after Russian gas major Gazprom halts supplies again.(photo:IN)
Oil prices rise
Oil prices rose on Monday following an agreement by the G7 group of nations and its allies to cap the price of Russian oil at $60 a barrel, BBC reported.
Brent crude added around 1 per cent to above $86 in Asia trading.
The move – which could come into force on Monday – raises Western pressure on Russia over the invasion of Ukraine.
It comes after oil producers’ group Opec+ agreed to stick to its policy to reduce production, amid slower global growth and higher interest rates, BBC reported.
“This decision by Opec+ to keep the quota where it is… is by itself an implicit sort of support to the oil market,” Kang Wu of S&P Global Commodity Insights told the BBC.
Oil prices may soften as OPEC+ cartel agrees to ease production cuts.
The statement said the decision by OPEC was made following the OPEC and non-OPEC ministerial meeting on Wednesday, noting it would reduce overall production by two million barrels per day starting from November…reports Asian Lite News
The African Petroleum Producers’ Organisation (APPO) has announced that it supports the recent decision by the OPEC and some non-OPEC oil-producing countries to cut overall oil production by two million barrels per day.
Omar Farouk Ibrahim, the APPO Secretary General, said on Thursday in a statement reaching Xinhua that it is “a decision well taken”, as he believes “it is the right thing to do to save the industry and also to ensure that there is stability for today and tomorrow”.
“Every country has a responsibility to protect the interests of its citizens, and if by reducing production, they see it as serving their best interests, so be it. When developed countries make decisions, they don’t sit and think about how they are going to affect developing countries. The interests of their citizens are paramount,” Ibrahim added.
The statement said the decision by OPEC was made following the OPEC and non-OPEC ministerial meeting on Wednesday, noting it would reduce overall production by two million barrels per day starting from November.
It said the adjustment was being made in light of the uncertainty that surrounds the global economy and oil market outlooks and the need to enhance the long-term guidance for the oil market.
Speaking at the Africa Oil Week conference in Cape Town, Omar Farouk Ibrahim, secretary-general of the African Petroleum Producers Organization, said the move was aimed at ensuring stability in the global market and ensuring that prices don’t fall too low.
“I believe it’s the right thing they did in order to save the industry,” he said, “and I totally think that every country has the responsibility to protect the interests of its citizens. And if by reducing production they see that as in their best interest, so be it.”
Rashid Ali Abdallah, executive director of the African Energy Commission, said it was too early to tell what the impact of the planned cuts would be.
“I hope that the price is not shooting up, because in Africa we depend on oil products in power generation,” he said.
Natacha Massano, vice president of Angola’s National Agency for Petroleum, Gas and Biofuels, said she wasn’t sure how the announcement would affect her country. Angola is one of the two biggest oil producers in Africa; Nigeria is the other, and both are OPEC members.
“Some countries will be affected more than the others,” Massano said. “Some are benefiting — of course, the producers may benefit from the high prices, but at the same time they are paying also for all other commodities.”
Saudi Arabia, OPEC’s biggest producer, has denied colluding with Russia on the production target cut.
However, Herman Wang, managing editor of Vienna-based OPEC and Middle East News, said one couldn’t tell what was discussed behind closed doors. He said he thought the cut was clearly “a big win for Russia.”
“You know that they are trying to raise money for their war effort in Ukraine,” Wang said. “Again, like all these OPEC countries, [Russia is] heavily reliant on oil revenues, and when you have a case where the outlook for the war is quite dire, [Russia is] needing this revenue. And the other impact of this is that higher oil prices make it harder for the West to enforce and impose their sanctions on Russia. So that might have been part of the calculation here for Russia in terms of trying to get this production cut done.”
OPEC+ members said the group would cut production targets by 2 million barrels per day.
US President Joe Biden called the move shortsighted, noting the global economy has been dealing with the negative impact of Russia’s invasion of Ukraine.
An OPEC+ memo outlining cuts shows that Saudi Arabia and Russia will make the biggest individual reductions of 19 countries doing so, lowering output by 526,000 monthly barrels apiece…reports Asian Lite News
The White House on Wednesday (local time) expressed disappointment over the announcement of a cut in oil production quotas by Organization of the Petroleum Exporting Countries (OPEC) and its allies.
Criticizing the move by OPEC+ on cuts, the Biden administration said that it was a “shortsighted decision”. White House spokesperson Karine Jean-Pierre told reporters on Air Force One and it was “clear” OPEC+ was “aligning with Russia”.
“The president is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine,” the White House said in a statement from national security adviser Jake Sullivan and National Economic Council Director Brian Deese.
An OPEC+ memo outlining cuts shows that Saudi Arabia and Russia will make the biggest individual reductions of 19 countries doing so, lowering output by 526,000 monthly barrels apiece.
Shortly after the release of an OPEC+ press release detailing the output cuts, the White House said, “In light of today’s action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC’s control over energy prices.”
The White House warned that OPEC’s move would “have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices”.
The White House also said that President Biden has directed the Department of Energy to release another 10 million oil barrels from the country’s Strategic Petroleum Reserve next month, signaling the administration’s effort to keep gas prices low with a month until the crucial midterms. (ANI)
The production cuts will start in November, and the Organization of Petroleum Exporting Countries (OPEC) and its allies will meet again in December….reports Asian Lite News
OPEC+ said on Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the Covid-19 pandemic, media reports said.
The group of major oil producers, which includes Saudi Arabia and Russia, announced the production cut following its first meeting in person since March 2020. The reduction is equivalent to about 2 per cent of global oil demand, CNN reported.
The price of Brent crude oil rose more than 1 per cent to nearly $93 a barrel on the news, adding to gains this week ahead of the gathering of oil ministers. US oil was up 1.5 per cent to $87.75, the report said.
The production cuts will start in November, and the Organization of Petroleum Exporting Countries (OPEC) and its allies will meet again in December.
The 45th Meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022.
In a statement, the group said the decision to cut production was made “in light of the uncertainty that surrounds the global economic and oil market outlooks”.
Global oil prices, which soared in the first half of the year, have since dropped sharply on fears that a global recession will depress demand.
Brent crude is down 20 per cent since the end of June. The global benchmark hit a peak of $139 a barrel in March after Russia’s invasion of Ukraine, CNN reported.
OPEC and its allies, which control more than 40 per cent of global oil production, are hoping to preempt a drop in demand for their barrels from a sharp economic slowdown in China, the United States and Europe.
