LONDON/MOSCOW/DUBAI, Nov 30 (Reuters) - OPEC+ oil producers on Thursday agreed to voluntary output cuts approaching 2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut, delegates told Reuters.Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world's oil, held a virtual meeting on Thursday to discuss 2024 output amid concerns the market faces a potential surplus.Their output of some 43 million bpd already reflects cuts of about 5 million bpd aimed at supporting prices and stabilising the market.OPEC+...…LONDON/MOSCOW/DUBAI, Nov 30 (Reuters) - OPEC+ oil producers on Thursday agreed to voluntary output cuts approaching 2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut, delegates told Reuters.Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world's oil, held a virtual meeting on Thursday to discuss 2024 output amid concerns the market faces a potential surplus.Their output of some 43 million bpd already reflects cuts of about 5 million bpd aimed at supporting prices and stabilising the market.OPEC+...WW…

By , , DUBAI/MOSCOW (Reuters) - OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters.Slideshow However, there was no agreement yet on whether to hold an OPEC+ output policy meeting on Thursday with the main obstacle being how to deal with countries that have failed to make the deep supply cuts required under the existing pact, the sources said.OPEC+ agreed to cut output by a record 9.7 million barrels per day,...…By , , DUBAI/MOSCOW (Reuters) - OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters.Slideshow However, there was no agreement yet on whether to hold an OPEC+ output policy meeting on Thursday with the main obstacle being how to deal with countries that have failed to make the deep supply cuts required under the existing pact, the sources said.OPEC+ agreed to cut output by a record 9.7 million barrels per day,...WW…

By , , DUBAI/MOSCOW (Reuters) - OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters.Slideshow However, there was no agreement yet on whether to hold an OPEC+ output policy meeting on Thursday with the main obstacle being how to deal with countries that have failed to make the deep supply cuts required under the existing pact, the sources said.OPEC+ agreed to cut output by a record 9.7 million barrels per day,...…By , , DUBAI/MOSCOW (Reuters) - OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters.Slideshow However, there was no agreement yet on whether to hold an OPEC+ output policy meeting on Thursday with the main obstacle being how to deal with countries that have failed to make the deep supply cuts required under the existing pact, the sources said.OPEC+ agreed to cut output by a record 9.7 million barrels per day,...WW…

By , , MOSCOW/DUBAI/LONDON (Reuters) - OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that...…By , , MOSCOW/DUBAI/LONDON (Reuters) - OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that...WW…

By , , DUBAI/LONDON/MOSCOW (Reuters) - OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end.The group, known as OPEC+, met on Wednesday to review compliance and left oil cuts levels unchanged. Cuts would deepen this month and next because of compensation by Iraq, Nigeria, Angola and Kazakhstan for overproduction in May-July.“Based on the average projections of various institutions, including OPEC, EIA and the IEA, it is estimated that the...…By , , DUBAI/LONDON/MOSCOW (Reuters) - OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end.The group, known as OPEC+, met on Wednesday to review compliance and left oil cuts levels unchanged. Cuts would deepen this month and next because of compensation by Iraq, Nigeria, Angola and Kazakhstan for overproduction in May-July.“Based on the average projections of various institutions, including OPEC, EIA and the IEA, it is estimated that the...WW…

By NEW YORK (Reuters) - Oil prices rose on Wednesday, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand.Slideshow Falling U.S. crude inventories were also supportive. Crude stocks last week fell for a third straight week, dropping 6.6 million barrels to 469 million barrels, their lowest since March, according to the Energy Information Administration. Analysts in a Reuters poll had forecast a 985,000-barrel increase. [EIA/S]“A combination of higher refining activity and...…By NEW YORK (Reuters) - Oil prices rose on Wednesday, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand.Slideshow Falling U.S. crude inventories were also supportive. Crude stocks last week fell for a third straight week, dropping 6.6 million barrels to 469 million barrels, their lowest since March, according to the Energy Information Administration. Analysts in a Reuters poll had forecast a 985,000-barrel increase. [EIA/S]“A combination of higher refining activity and...WW…

By , , MOSCOW/LONDON (Reuters) - OPEC and allies including Russia are leaning towards delaying next year’s planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices, three sources close to OPEC+ said.OPEC+ was due to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - as it moves to ease this year’s record supply cuts. With demand weakening, OPEC+ has been considering delaying the increase.Russia is likely to agree on a rollover of current output for the first quarter...…By , , MOSCOW/LONDON (Reuters) - OPEC and allies including Russia are leaning towards delaying next year’s planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices, three sources close to OPEC+ said.OPEC+ was due to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - as it moves to ease this year’s record supply cuts. With demand weakening, OPEC+ has been considering delaying the increase.Russia is likely to agree on a rollover of current output for the first quarter...WW…

By LONDON (Reuters) - The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC.The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand.It has prompted some officials in the Organization of the Petroleum Exporting Countries, oil’s most powerful proponent since it was founded 60 years ago, to ask whether this year’s dramatic demand...…By LONDON (Reuters) - The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC.The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand.It has prompted some officials in the Organization of the Petroleum Exporting Countries, oil’s most powerful proponent since it was founded 60 years ago, to ask whether this year’s dramatic demand...WW…