The OPEC+ coalition, led by Saudi Arabia and Russia, has announced plans for a 1 million barrel cut to daily production, along with an extension of an earlier cut of equal size.
Oil prices fell after rising by over 1% earlier in the session after OPEC+ oil producers agreed to voluntary output cuts approaching 2 million barrels per day for early next year. Brent crude futures for January fell by 28 cents, or 0.3%, to $82.82 a barrel.
The front-month Brent contract, down about 6% on the month, expires later on Thursday. The additional cuts are not part of a binding agreement, but they will be made on a voluntary basis by member nations, adding doubt to their durability.
The development comes as US oil prices have dropped to an average of $3.25 for a gallon of regular. Analysts speculate that prices may not rise considerably at a time when inventories are flush and nations outside OPEC have expanded production capabilities.
Crude production in Texas fell by 0.1% to 5.57 million bpd, the lowest since July and the first-time production in the state has fallen since April, the EIA said.<\/p>\n","protected":false},"excerpt":{"rendered":"
The OPEC+ coalition, led by Saudi Arabia and Russia, has announced plans for a 1 million barrel cut to daily production, along with an extension of an earlier cut of equal size.Oil prices fell after rising by over 1% earlier in the session after OPEC+ oil producers agreed to voluntary output cuts approaching 2 million …<\/p>\n","protected":false},"author":13,"featured_media":61175,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[8107,6846,7004,10373,10753,8138],"class_list":["post-93403","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-fuel-prices","tag-oil","tag-opec-2","tag-output-cut","tag-supplysaudi","tag-us-oil-reserves"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=93403"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93403\/revisions"}],"predecessor-version":[{"id":93409,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93403\/revisions\/93409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61175"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=93403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=93403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=93403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}