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Crude Regains Ground As OPEC Members Announce Cuts

OIL

Crude is regaining some ground as member states individually announce voluntary output cuts for the first quarter of 2024. Brent February drifted to an intraday low of $80.62/bbl after the ministerial OPEC meeting ended.

    • Brent FEB 24 down -1.6% at 81.57$/bbl
    • WTI JAN 24 down -1.5% at 76.7$/bbl
  • Saudi Arabia will continue its voluntary supply cuts through Q1 2024 and sees its output at 9m b/d.
  • Russia will cut total exports by 0.5m b/d, of which 0.3m b/d will be crude and 0.2m b/d will be products, Deputy PM Alexander Novak said. Russia will gradually return flows based on market conditions, Novak added.
  • Algeria agreed to cut an additional 51k from Jan-March 2024.
  • Kuwait will make an additional output cut of 135k b/d.
  • Oman will cut by 42k b/d.
  • Kazakhstan will also cut output by a further 82k b/d.
  • UAE will make additional cuts of 160kbpd.
  • Angola’s OPEC government said the country rejects it’s OPEC quota and will not stick to it. Angola will produce 1.18mbpd instead of its 1.11mbpd OPEC quota.
  • OPEC ministers will meet again in June 2024 to discuss output levels.
Energy BulletsCommodities
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