{"id":122041,"date":"2024-11-04T18:24:45","date_gmt":"2024-11-04T11:24:45","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=122041"},"modified":"2024-11-04T18:24:45","modified_gmt":"2024-11-04T11:24:45","slug":"oil-prices-spike-after-opec-postpones-production-cut-increase","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=122041","title":{"rendered":"Oil Prices Spike After OPEC+ Postpones Production Cut Increase"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"singleArticle__content\" data-spons=\"0\" data-id=\"39113\">\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"article_byline\">By <a href=\"https:\/\/oilprice.com\/contributors\/Irina-Slav\">Irina Slav<\/a> &#8211; Nov 04, 2024, 2:22 AM CST<\/span><\/p>\n<div id=\"key_points\" class=\"wysiwyg clear speakable\">\n<ul>&#13;<\/p>\n<li data-sourcepos=\"24:1-24:106\">OPEC+ postponed its planned production increase, prioritizing price support over regaining market share.<\/li>\n<p>&#13;<\/p>\n<li data-sourcepos=\"25:1-25:113\">This decision caused a surge in oil prices, although some analysts believe the increase may not be sustainable.<\/li>\n<p>&#13;<\/p>\n<li data-sourcepos=\"26:1-26:159\">The long-term impact of OPEC+&#8217;s strategy remains uncertain, with analysts predicting a potential market surplus in 2025 if production cuts aren&#8217;t maintained.<\/li>\n<p>&#13;\n<\/ul>\n<\/p><\/div>\n<p><!-- \/#article-content --><\/p>\n<div class=\"articleImageContainer\" 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class=\"singleArticle__articleImage\" style=\"min-height: 2px\"><source media=\"(max-width: 480px)\" srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2024-11-04_yeyizqsvng.jpg\"><source media=\"(min-width: 480px)\" srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2024-11-04_yeyizqsvng.jpg\"><img decoding=\"async\" src=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2024-11-04_yeyizqsvng.jpg\" class=\"singleArticle__articleImage\" alt=\"OPEC\" title=\"OPEC\"\/><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/source><\/source><\/picture>\n\t\t\t\t\t\t<\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>Crude oil prices started the week with a gain of over $1 per barrel following reports that OPEC+ had decided to postpone a planned partial rollback of its production cuts.<\/p>\n<p>The group was supposed to bring back some 180,000 barrels daily in supply from December but it had conditioned that move on the price environment. If oil prices were right, they would bring back the supply. If prices remained depressed, as they have, the rollback would be pushed back.<!-- \/192633929\/OilPrice-300x250-ATF-Mobile --><\/p>\n<p><!-- END: \/192633929\/OilPrice-300x250-ATF-Mobile -->\n<\/p>\n<p>While the OPEC+ decision was anything but surprising, its impact on oil prices was immediate, with <a href=\"https:\/\/oilprice.com\/oil-price-charts\/\">Brent crude<\/a> trading at $74.37 per barrel at the time of writing, and <a href=\"https:\/\/oilprice.com\/oil-price-charts\/\">West Texas Intermediate<\/a> changing hands at $70.75 per barrel.<\/p>\n<p>\u201cWhile the delay until January does not change fundamentals significantly, it does potentially leave the market having to rethink the strategy of OPEC+,\u201d ING\u2019s Warren Patterson and Ewa Manthey said <a href=\"https:\/\/think.ing.com\/articles\/the-commodities-feed-opec-delays-supply-increase041124\/\">in a note<\/a> following the OPEC+ announcement.<\/p>\n<p>Citing recent reports about Saudi Arabia\u2019s unhappiness with lost market share as a result of the cuts and its displeasure with production cut laggards, the ING analysts noted they may have underestimated Saudi Arabia\u2019s\u2014and OPEC\u2019s\u2014desire to boost prices. ING and other forecasters had assumed the Saudis and OPEC would rather risk even lower prices with additional supply in order to regain market share. This clearly wasn\u2019t the case.<\/p>\n<p>Therefore, \u201cthis delayed supply increase means that maybe the group are more willing to support prices than many believe,\u201d Patterson and Manthey wrote, adding \u201cHowever, our balance continues to show that the market will be in surplus through 2025 unless OPEC+ continues with cuts through next year.\u201d<!-- \/192633929\/OilPrice-300x250-BTF-Mobile --><\/p>\n<p><!-- END \/192633929\/OilPrice-300x250-BTF-Mobile --><\/p>\n<p>Along the same lines, IG analyst Yeap Jun Rong <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/oil-prices-rise-by-over-1-opec-output-hike-delay-2024-11-04\/\">told<\/a> Reuters it was doubtful whether the price spike following the OPEC+ decision would last long. According to him, prices would encounter resistance around $78 per barrel.<\/p>\n<p>By Irina Slav for Oilprice.com<\/p>\n<p><strong>More Top Reads From Oilprice.com<\/strong><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Natural-Gas-Flaring-Alternatives-Innovative-Solutions-For-A-Greener-Future.html\"\/><\/p>\n<p><\/p><\/div>\n<div class=\"app_download_ad hide-in-app\">\n<h5>Download The Free Oilprice App Today<\/h5>\n<p>\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/itunes.apple.com\/in\/app\/oilprice\/id1389772617?mt=8\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" alt=\"Download Oilprice.com on Apple\" style=\"height: 50px;\" width=\"169\" height=\"50\" src=\"https:\/\/d1o9e4un86hhpc.cloudfront.net\/a\/img\/cl\/app\/appstoredownload.svg\" class=\"lozad\"\/><\/a><br \/>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=oilprice.android.app\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" alt=\"Download Oilprice.com on Android\" style=\"height: 50px;\" width=\"169\" height=\"50\" class=\"lozad\" src=\"https:\/\/d1o9e4un86hhpc.cloudfront.net\/a\/img\/cl\/app\/androidbutton.png\"\/><\/a>\n\t\t\t\t\t\t\t\t<\/div>\n<p><a href=\"https:\/\/oilprice.com\/\">Back to homepage<\/a><\/p>\n<\/p><\/div>\n<p><script>!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,document,'script','https:\/\/connect.facebook.net\/en_US\/fbevents.js');fbq('init','9126556957395130');fbq('track','PageView');<\/script><script>!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,document,'script','https:\/\/connect.facebook.net\/en_US\/fbevents.js');fbq('init','332667700771750');fbq('track','PageView');<\/script><br \/>\n<br \/><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Oil-Prices-Spike-After-OPEC-Delays-Production-Cut-Decision.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Irina Slav &#8211; Nov 04, 2024, 2:22 AM CST &#13; OPEC+ postponed its planned production increase, prioritizing price support over regaining market share. &#13; This decision caused a surge &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=122041\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-122041","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/122041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=122041"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/122041\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=122041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=122041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=122041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}