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Saudi Arabia, other Arab states reaffirm commitment to voluntary oil production adjustments

Published Oct 08, 2023 02:55PM ET Updated Oct 08, 2023 03:00PM ET
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© Reuters. FILE PHOTO: The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina//File Photo
 
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(Reuters) - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia and the United Arab Emirates reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, the Saudi state news agency said on Sunday.

The oil ministers of the six countries met on the sidelines of the U.N. MENA climate week event in Riyadh on Sunday.

"Furthermore, the ministers reiterated the willingness of the Declaration of Cooperation (DoC) countries to take additional measures at any time in their continued efforts to support market stability, building on the strong cohesion of the OPEC plus," Saudi state news agency SPA said.

OPEC+ agreed in June to extend voluntary oil cuts first introduced in April until the end of 2024. Additional voluntary cuts by Saudi Arabia and Russia extend to the end of 2023 and are subject to monthly review.

Ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, on Wednesday made no changes to the group's oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.

Saudi Arabia, other Arab states reaffirm commitment to voluntary oil production adjustments
 

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Comments (6)
Ac Tektrader
Ac Tektrader Oct 08, 2023 5:53PM ET
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opec+ is going to market adjust themselves out of major market share, the USA is already the leading world cruder producer, looks like the Americans will continue to eat opec's lunch,
Paul nodalo
Paul nodalo Oct 08, 2023 4:23PM ET
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The price of oil is very low now.With the war and Opec adjustments oil should find a true level over $100 a barrel.Goldman Sach saw $140+ a barrel in early 2024.
Richard Sharp
Richard Sharp Oct 08, 2023 4:23PM ET
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On Friday the charts suggested in an oversold environment short-term support up to about $90, but with the Israel situation $100 looks to be on the cards. I'm going long this morning.
Paul nodalo
Paul nodalo Oct 08, 2023 4:21PM ET
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To be fair Crude oil must be kept high say $130 a barrel for stability in the market.
Patrick Fuchs
Patrick Fuchs Oct 08, 2023 3:54PM ET
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Best to get off oil so OPEC+ can't destabilize global events at a whim.
Warm Camp
Warm Camp Oct 08, 2023 3:54PM ET
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You still have to get on something for energy and materials.
Salvador Hernández Sánchez
Salvador Hernández Sánchez Oct 08, 2023 3:18PM ET
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Without modifications, usa reserve growth
Warm Camp
Warm Camp Oct 08, 2023 3:13PM ET
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Quite possible, Biden administration will use new Israel war as an excuse to announce new round of the SPR oil releases. Accordingly, investors better play oil carefully now. The oil story is definitely bullish, but take profits frequently.
Johnny Bravo Bravo
Johnny_Bravo Oct 08, 2023 3:13PM ET
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Is there much left in SPR?
Warm Camp
Warm Camp Oct 08, 2023 3:13PM ET
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Johnny Bravo Bravo  Enough to continue releases for 6-8 months
 
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