OPEC’s Quick Fix Masks Bigger Worry: Too Much Oil Next Year
OPEC+ has staved off an oil surplus this year by deciding to restrain production a little longer. But the temporary fix won’t hold back the supply glut awaiting global markets in 2025.
Saudi Arabia and Allies Delay Plan to Increase Oil Output
OPEC Plus will extend its cuts until at least December. Demand has weakened, and other countries, including the United States, are expected to continue to increase production.
OPEC's quick fix means oil glut awaits next year
As a result, global oil inventories stand to accumulate next year, beginning with a hefty build-up of 1.3 million barrels a day during the first quarter, according to the IEA. In this context, OPEC+ has only “limited scope” to add barrels, BP Plc chief economist Spencer Dale warned last month.
Oil is headed for a steeper dive, and OPEC+ won’t be able to stop it
It doesn’t look good at all for OPEC+ in 2025. Everybody would agree that non-OPEC supply is strong enough to create a surplus in the market."
OPEC+ delaying its oil-output increase won’t solve ‘pervasive’ worries over weak demand
The Organization of the Petroleum Exporting Countries and its allies on Thursday decided to postpone an increase in crude-oil production. But supplies aren’t the only problem for oil.
Oil steadies on U.S. crude stock drawdown, OPEC+ output hikes delay
Oil prices edged up in early trading on Friday as investors weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC+ producers against mixed U.S. employment data.
OPEC+ extends oil output cuts again through November
The Organization of the Petroleum Exporting Countries and its allies — the coalition of the world’s top oil producers known as OPEC+ — said Thursday that it is extending oil production cuts once again as crude and fuel prices continue to slump.
Oil prices on track for hefty weekly drop on fears over demand
Oil futures were steady early Friday as investors awaited the U.S. August jobs report, but were on track for a large weekly slide on worries over the outlook for demand.
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