OPEC+ Implements Voluntary Cuts, Oil Prices React
TL;DR
Several OPEC+ countries, including Saudi Arabia, Iraq, and the United Arab Emirates, have announced additional voluntary cuts to the total of 2.2 million barrels per day, in an effort to support the stability and balance of oil markets. These cuts will be in effect from January to March 2024 and will gradually be returned based on market conditions. The Russian Federation has also announced a voluntary cut of 500 thousand barrels per day for the same period.
- Several OPEC+ countries announce additional voluntary cuts to the total of 2.2 million barrels per day OPEC
- OPEC+ Delivers Additional 1 Million Barrels/Day Cut Bloomberg Television
- Oil prices swing as OPEC+ agrees on additional output cuts Yahoo Finance
- U.S. crude declines as skepticism mounts over OPEC+ cuts CNBC
- Oil Technical Analysis for December 01, 2023 by FXEmpire FX Empire
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