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ICE WTI Crude Futures - Oct 24 (WTCLc4)

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76.03
-0.63(-0.82%)
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Crude Oil WTI Futures Discussions

UAE gets a boost to their production by 300 bpd followed by Russia and Nigeria a boost of 150BPD. Voluntary cuts to phase out from October 2024. Bearish for crude. Gap down opening and crude may fall up to $72 by expiry.
300k and 150k
Extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as per the attached table starting 1 January 2025 until 31 December 2025.
Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019. Extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as per the attached table starting 1 January 2025 until 31 December 2025. Extend the assessment period by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels. Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC meeting is to be held every two months. Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference. Grant the JMMC the authority to hol
So, the bottom line from the OPEC+ meeting: MANDATORY production cuts have been extended until the end of 2024. A STAGED CANCELLATION of these cuts is planned for 2025. VOLUNTARY cuts have been extended only until the 3rd quarter of 2024 inclusive. As for the mandatory cuts, it was expected. But the market’s expectations were precisely voluntary. Traders and analysts had been waiting for an extension to the voluntary cuts, seeing it as necessary to offset sharp production increases from several OPEC+ competitors, primarily U.S. shale producers, as well as the poor economic outlook for major consumers like China. And here, alas, there was no consensus. They don’t want to make voluntary cuts at the end of 2024 and 2025. The next OPEC+ meeting is December 1, 2024.
LONDON/DUBAI (Reuters) -OPEC+ agreed on Sunday to extend most of its deep oil output cuts for 2024 but to start phasing them out in 2025, as the group seeks to shore up the market amid tepid global demand growth, high interest rates and rising rival U.S. production.
Boys and Girls, so next OPEC+ ministerial meeting won’t happen until US Presidential elections finishes. And they extended oil production policies till 31-Dec-2025!
what will b th the price movement tomorrow be specific
tomorrow i dont know but overall and long term bullish
You now this befor the OPEC meeting was ending respect.
What will be the price on monday, will it touch 80
72 i think. Gap down
Why do u think
New Opec Required Production levels for 2025 - BEFORE VOLUNTARY CUTS. UAE gets a big 300kbd boost, to be phased in between Jan 25 and Sep 25
The OPEC+ meeting has been going on for more than 4 hours. finally agreed only on voluntary cut and only until the end of 2024. The extension of mandatory cut is still being discussed.
So cut is there in some form. Why did you keep your shorts at the time of OPEC meeting?
OPEC+ reportedly agrees to extend production cuts See more on... https://baha.com/news/details/62147235
OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices.... Deal comes as Saudi Arabia launches share sale for Aramco, yielding billions for the country’s economic transformation.
so when is the meeting exactly and is there a way to watch it live?
OPEC+ members are currently cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand.
Increase prod? Tomm will falling
So it will impact for tomm opening?
Maybe we will see.
81$ ....
I hope thats was great for my long position.
How long before the 'what time Opec meeting '? appear?
These guys always get late results
These guys are what we would call before wokeness took over 'Halfwits'
OPEC+ Has Outline Deal Extending Key Oil Production Cuts Roughly 2 million b/d of extra cuts to be prolonged: delegates Discussions on extending group-wide curbs into 2025 continue
OPEC+ has outline of deal to extend ‘voluntary cuts’: delegates *OPEC+ also discussing oil production policy for 2025: delegates
what impact will it carry for morning trade in crude
We will see. Nobody from us now what the OPEC meeting results today.
Vitol's Michael Muller is upbeat about H2 demand, citing major growth in jet fuel use and US driving season. The future looks bright!
Please help with website that i can watch opec meeting live
The Saudis have to earn nearly $86 per barrel to meet their planned spending goals
crude conf level 70462 and 16802 cnt
Sources said OPEC+ is expected to discuss a complex deal that may extend deep oil production cuts into 2025.
OPEC+ seen prolonging cuts in 2024 and into 2025, two sources say
Bearish
expected gap up on Monday
...
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