Select Language

OPEC+ postpones planned production increase until the end of the year - Commerzbank

Breaking news

OPEC+ postpones planned production increase until the end of the year - Commerzbank

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.05 20:35
OPEC+ postpones planned production increase until the end of the year - Commerzbank

update 2024.11.05 20:35

The OPEC Secretariat announced over the weekend that the voluntary production cuts of eight OPEC+ countries would be maintained in full until the end of the year. In addition, the countries have committed to strict implementation of the promised production cuts, including compensatory cuts to offset previous overproduction, Commerzbank's commodity analyst Carsten Fritsch notes.

OPEC+ productions cut to be maintained

"It had already been hinted last week that the gradual increase in production planned for next month would be postponed again. Therefore, this was no longer a big surprise. An increase in supply in December would have risked triggering a decline in oil prices, even if the monthly production increase of 180,000 barrels per day had been small."

"The signal alone and the prospect of further production increases in the following months would probably have been enough to put oil prices under pressure. The next regular OPEC+ meeting will take place on 1 December, when a decision is to be taken on oil production in the first half of 2025. Given weakening demand and rising oil supply outside OPEC+, there is no scope for OPEC+ to expand production without risking oversupply and a price decline."

"Therefore, OPEC+ is unlikely to have much of a choice in a month's time other than to postpone the production increase again. Yesterday, the OPEC Secretary General was very optimistic about oil demand. However, if the demand outlook is indeed so positive, there would have been no need to postpone the planned gradual withdrawal of the voluntary production cuts."


Date

Created

 : 2024.11.05

Update

Last updated

 : 2024.11.05

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

EUR/CAD Price Forecast: Two possible scenarios for EUR/CAD

EUR/CAD has two possible polar-opposite scenarios in which price could play out: 1) The pair is going higher - it has broken out from a consolidation pattern formed since August and is about to rally as it fulfills the price target for the pattern.
New
update2024.11.05 22:24

EUR/AUD Price Forecast: Short-term trend probably reversing and heading lower

EUR/AUD has started to fall after forming a bearish Shooting Star Japanese candlestick reversal pattern (red-shaded rectangle on chart below) as it peaked on October 31.
New
update2024.11.05 22:04

US Dollar steadies on the US presidential election day

The US Dollar (USD) steadies on Tuesday, with the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trading just below 104.00 and hanging onto important technical support as markets brace for the US presidential election.
New
update2024.11.05 21:23

USD/CHF Price Prediction: Bearish evidence builds for technical reversal

USD/CHF looks like it is reversing the uptrend of the last five weeks.
New
update2024.11.05 20:54

Oil production in Iraq fell to the agreed level in October according to a survey - Commerzbank

According to a Reuters survey, oil production in Iraq fell to just under 4 million barrels per day in October, thus meeting the requirements of the OPEC+ agreement without taking the promised compensatory cuts into account.
New
update2024.11.05 20:39

OPEC+ postpones planned production increase until the end of the year - Commerzbank

The OPEC Secretariat announced over the weekend that the voluntary production cuts of eight OPEC+ countries would be maintained in full until the end of the year.
New
update2024.11.05 20:34

Temporary increase in demand for Gold in India due to festivals - Commerzbank

Gold demand in India rose last week due to the festivals of Dhanteras (29 October) and Diwali (31 October), Commerzbank's commodity analyst Carsten Fritsch notes.
New
update2024.11.05 20:31

Gold price under the spell of US elections, Fed meeting in their shadow - Commerzbank

The gold price has retreated somewhat from its record level of the previous week and is trading at around $2,740 per troy ounce, Commerbank's commodity analyst Carsten Fritsch notes.
New
update2024.11.05 20:27

Crude Oil holds up amid Saudi Aramco lower profits,  storm Rafael threatening Gulf region

Crude Oil price ticks up on Tuesday for a second consecutive day, further banking on the delay in Oil production normalization by OPEC+. Lower supply could also be on the cards due to chances of disruption in the US Gulf region as  tropical storm Rafael
New
update2024.11.05 20:27

Gold steadies as traders brace for US presidential election outcome uncertainty

Gold (XAU/USD) continues to backslide from its record high, eventually finding support at $2,724 early on Tuesday and bouncing back to regain the $2,740s.
New
update2024.11.05 20:22

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel