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Opec stands for11/7/2023 ![]() ![]() “The agreement that we struck in October is here to stay for the rest of the year, period,” he said in mid-February. Several of them, including Saudi Energy Minister Prince Abdulaziz bin Salman, have indicated the producer group may keep current production limits in place. The first is OPEC leaders’ own statements. In the report, Senior Energy Economist Daan Struyven writes that three developments suggest that OPEC may keep production flat in the second half of the year or ramp up gradually. In that case, crude prices could climb to $107 a barrel by December and move higher from there, the team predicts. That forecast could prove too conservative if OPEC leaves its current production levels in place after the June meeting, and output from non-OPEC producers also remains unchanged, according to the report. That would result in prices for Brent crude, the global benchmark, hovering at about $90 a barrel in the second quarter, before rising gradually to $100 by year’s end. However, increased demand from China as it lifts COVID-19 restrictions, combined with little increase in non-OPEC production this year, will likely lead OPEC to reverse itself at its June meeting and increase production by 1 million barrels a day, GS Commodities Research predicts. And so we're going to have to have a different relationship," he says.Oil prices could rise as high as $107 a barrel by the end of the year from about $84 at present, depending on how OPEC responds to emerging market conditions, according to a new report from Goldman Sachs Research.Īt the end of last year, OPEC announced a 2 million barrels a day cut in production in response to slowing global growth and the heightened risk of recession among developed countries. "I don't think we've fully accepted the notion that he is a different leader than we've ever dealt with. Panikoff says the OPEC+ decision winds back to the kingdom's powerful de facto leader, Crown Prince Mohammed bin Salman. needs to be "smarter" about how it approaches the Saudis. should "freeze all aspects of our cooperation with Saudi Arabia."īut the Atlantic Council's Panikoff says freezing weapons sales to Saudi Arabia may not be the wisest move as it could allow China to fill that void. And Senate Foreign Relations Committee Chairman said the U.S. Richard Blumenthal of Connecticut to stop selling arms to the kingdom. That includes legislation introduced by Rep. view the Saudis now as aligning themselves with Russia at a time when Russian troops are killing Ukrainians and reduced Russian energy exports are plunging much of the world into an energy crisis," says Bordoff.ĭemocrats in Congress are calling for Biden to take tough measures against Saudi Arabia. "The Saudi Foreign Ministry can try to spin or deflect, but the facts are simple," Kirby said, adding that the kingdom knows the decision will "increase Russian revenues and blunt the effectiveness of sanctions" against Moscow. National Security Council spokesman John Kirby, in a sharply worded statement, accused Saudi Arabia of strong-arming other oil producing countries to agree to the major oil cut. Last week, the OPEC+ group of oil producers, including Saudi Arabia and Russia, decided to cut oil output by 2 million barrels per day, leading to anger in Washington, with members of Congress calling to retaliate. ![]() The breach in U.S.-Saudi relations widened Thursday, as the White House accused the kingdom of helping Russia fund its war in Ukraine by pushing up oil revenues. Abdulaziz bin Salman, Saudi Arabia's energy minister, speaks during a news conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on Oct.
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