Goldman Sachs Expects OPEC+ Production Increases to Start in December
Goldman Sachs adjusted its expectations for OPEC+ oil production saying it now expects three months of production increases starting from December.
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Goldman Sachs adjusted its expectations for OPEC+ oil production saying it now expects three months of production increases starting from December.
The Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies agreed last week to new voluntary cuts of about 2.2 million bpd
OPEC and its allies began two days of meetings on Saturday that may culminate in further production cuts of as much as 1 million barrels per day.
Oil prices dropped on Friday, Dec. 2, ahead of a key meeting by the Organization of the Petroleum Exporting Countries and its allies, or OPEC+
OPEC on Wednesday cuts its 2022 forecast for growth in world oil demand for a fourth time since April and also trims next year's figure.
Oil prices declined on Thursday, Sept. 29, as market participants awaited a key meeting by major oil producers.
The Organization of the Petroleum Exporting Countries stands ready to reduce production to correct the recent oil price fall.
OPEC released its 2019 World Oil Outlook, in which the producer group said it would supply a diminishing amount of oil in the next five years.
Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil production.
Iran has no plans to leave the Organization of the Petroleum Exporting Countries (OPEC), Oil Minister Bijan Zanganeh says.
Indonesia hopes its return to OPEC in December will bring Asia's top gasoline
importer closer to the world's main oil producers
Indonesia has submitted an official request to rejoin OPEC.
Indonesia will rejoin the Organization of Petroleum Exporting Countries this year to
forge a closer relationship with oil suppliers.
Indonesia`s intention to rejoin OPEC (the Organization of
Petroleum Exporting Countries) is `impossible` to be
materialized.
OPEC member states have pledged their support for Indonesia
to rejoin the organization because Indonesia was one of its
founders.
Analysts predicted that the global oil market will continue
to be over flooded with supplies.
The government`s plan to observe the Organization of
Petroleum Exporting Countries (OPEC) is a strategy to meet
demands on fuel.
Minister Sudirman Said said that by joining OPEC, Indonesia
will have early access to oil-related information.
Energy and Mineral Resources Minister Sudirman Said says
Indonesia is still exporting gas albeit in small quantity.
The forecast has little effect in international oil markets,
with prices in New York's dropping to a six-year low.