Tag: cuts
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Why are oil prices declining despite the voluntary cuts of some OPEC+ countries? Anas Al-Hajji answers
The editorial advisor of the specialized energy platform, energy economist Dr. Anas Al-Hajji, explained the reasons for the decline in crude oil prices during the recent period, which pushed Brent crude into the seventies. Al-Hajji explained, in a new episode of the program “Energy humanitiesHe presented it on Twitter under the title “Oil Market Surprises……
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Energy Information Administration cuts oil price forecasts to below $80
The US Energy Information Administration cut its oil price forecasts for 2023 and 2024 by more than 7%, and cut its estimates for crude production in the United States. According to the Short-Term Energy Outlook report for May 2023, issued today, Tuesday, May 9, 2023, the average price of West Texas Intermediate crude oil is…
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The IMF cuts oil price forecasts by $23 in 2023
The International Monetary Fund (IMF) expressed a negative view regarding the expectations of global oil prices, suggesting that they will decrease by more than 24% during the current year (2023), with the deterioration of global economic growth prospects. According to the World Economic Outlook 2023 report, issued by the Monetary Fund today, Tuesday (April 11,…
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The price of a barrel of Kuwaiti oil jumps 10%, supported by OPEC + cuts
The price of a barrel of Kuwaiti oil received support from the decisions taken by 9 OPEC+ countries to offer voluntary production cuts of 1.6 million barrels per day. Last week, OPEC countries decided to take precautionary measures to control oil markets by raising the total volume of coalition cuts to 3.66 million barrels per…
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Stocks of international oil companies rise, supported by OPEC + cuts
Shares of major oil companies jumped during trading today, Monday, April 3, with the support of the voluntary production cuts announced by 9 OPEC+ countries, led by Saudi Arabia. The 9 countries announced voluntary cuts of more than 1.66 million barrels per day, starting next May, as a precautionary measure aimed at supporting the stability…
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The Energy Information Administration cuts oil price forecasts in 2023
The US Energy Information Administration cut its oil price forecast in 2023, and cut estimates of US crude production. According to the Short-Term Energy Outlook report for March 2023 – issued today, Tuesday, March 7 – it is expected that the average price of West Texas Intermediate crude oil will record $ 77.10 per barrel…
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The Energy Information Administration cuts oil price forecasts by 10% in 2023
The US Energy Information Administration cut oil price forecasts during the current year (2023) by more than 10%, while raising estimates of US crude production. According to the Short-Term Energy Outlook report for January 2023 – issued today, Tuesday, January 10 – it is likely that the average price of West Texas Intermediate crude oil…