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    Tuesday, March 18

    Oil Prices Set To Explode Higher. Everything Follows In Prices After As Saudi Arabia Cuts Oil Production

    Our ‘intelligent’ leadership that is doing everything to destroy our nation, will now sit on their rears and watch America decline further.

    Saudi Arabia Implements Additional 1 Million Bpd Voluntary Production Cut in New OPEC+ Agreement

    Vienna, Austria – OPEC+ members have unanimously agreed to extend crude production cuts into 2024, according to a statement released by the cartel. The decision reflects their commitment to achieving and maintaining stability in the oil market, while adhering to a proactive and pre-emptive approach.

    As part of this agreement, Saudi Arabia has pledged an additional voluntary reduction of 1 million barrels per day, underscoring its dedication to stabilizing the oil market. Furthermore, Russia has committed to extending its voluntary oil production cut of 500,000 barrels per day until the end of December 2024, as reported by Reuters, citing the Russian Deputy Prime Minister.

    The United Arab Emirates emerges as the primary beneficiary of these talks, with an increase in its quota for the upcoming year. UAE Energy Minister Suhail Al Mazrouei expressed gratitude for the quota adjustment and reaffirmed the country’s loyalty to the cartel, stating, “We will always support OPEC and remain united.”

    However, African members were asked to relinquish a portion of their unused quota, despite falling short of their production targets. This request has presented a challenging political situation for these members, contributing to the extended duration of the talks, which included late-night sessions in Vienna hotels.

    Notably, Bloomberg, Reuters, and the Wall Street Journal have been denied access to the meeting’s headquarters. Nevertheless, reporters continue to conduct interviews with delegates on the sidelines.

    Secretary General Haitham Al Ghais defended the organization’s policy, emphasizing the openness and transparency historically maintained by OPEC. He asserted, “This is our house. OPEC has always had an open policy, transparent.”

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    The next OPEC+ meeting is scheduled to convene in Vienna on November 26. In anticipation of the meeting, oil prices experienced an upward trend on Friday, driven by growing speculation surrounding potential additional production cuts of 1 million barrels per day by the OPEC+ group. This series of three separate meetings is set to conclude on June 4.

    While the prevailing sentiment suggests that the group will maintain the existing production targets, Saudi Arabia’s Energy Minister has expressed strong disapproval of oil speculators in the lead-up to the meeting, warning that they will face consequences.

    Earlier, Reuters indicated that the OPEC+ group was unlikely to deepen its production targets at the weekend meeting. However, late on Friday, Reuters reported that the group was indeed considering an additional output cut of approximately 1 million barrels as one of the potential options to be discussed on June 4. Amir Zamaninia, Iran’s OPEC Governor, confirmed that all possibilities were under consideration.

    Crude oil prices had already experienced an increase prior to the meeting, but surged even further during the afternoon, resulting in Brent crude reaching $76.32 per barrel at 4:20 p.m., representing a $2.06 per barrel rise on that day. At the same time, WTI was trading at $71.90 per barrel. Helima Croft, Chief Commodities Strategist at RBC, believes that a reduction in supply of up to 1 million barrels per day is the most probable outcome.

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    “We anticipate that ongoing macroeconomic concerns and negative sentiment will lead the group to implement further downward adjustments,” she noted in a recent statement.

    Saudi Arabia continues to wield significant influence within OPEC+, and the Kingdom may follow through with its warnings to penalize short sellers engaged in speculative trades that contradict market fundamentals. Echoing his earlier statements, Saudi Arabia’s Energy Minister remarked, “I keep advising them (referring to oil speculators) that they will be ouching. They experienced consequences in April. I don’t need to reveal my intentions. I am not a poker

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    Peter Herzog – Freelance Writer for Whatfinger News
    To Submit articles to us for print send to editor@whatfinger.com  NOTE: We do not open any emails with graphics, PDFs or that require us to click anything due to viruses.  If you must send graphics, please email us at whatfingereditor@gmail.com

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