Global News

Breaking news & current latest Canadian news headlines; national weather forecasts & predictions, local news videos, money and financial news; sports stats and scores.

https://globalnews.ca/

Saudi Arabia says OPEC+ sticking with oil output cuts despite reports.

Click to play video: 'OPEC sharply cuts oil production, US disappointed by “shortsighted decision”'

The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices. In reaction, U.S. Secretary of State Antony Blinken said that Washington has made clear to oil-producing countries the need for energy supply to meet demand – Oct 5, 2022

Saudi Arabia on Monday said that OPEC+ was sticking with oil output cuts and could take further measures to balance the market amid falling prices, denying a report it was considering boosting output, according to state news agency SPA.

The Wall Street Journal earlier on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. The report cited unidentified OPEC delegates.

“It is well-known that OPEC+ does not discuss any decisions ahead of the meeting,” Saudi Arabian Energy Minister Prince Abdulaziz bin Salman was quoted by state news agency SPA as saying, referring to the group’s next meeting in December.

Oil prices, which had slid more than five per cent to below $83 a barrel after the Wall Street Journal report, pared losses following the minister’s comments. Brent crude was down one per cent at $86.70.

Last month, OPEC+ unexpectedly decided to reduce output targets sharply. It would be unusual for the group to increase production at a time of declining prices and growing concern about the economic outlook.

Prince Abdulaziz was also quoted as saying OPEC+ was ready to reduce output further if needed.

“The current cut of 2 million barrels per day by OPEC+ continues until the end of 2023 and if there is need to take further measures by reducing production to balance supply and demand we always remain ready to intervene,” he said.

The WSJ said talk of a production increase has emerged after U.S. President Joe Biden’s administration told a federal court judge that Saudi Crown Prince Mohammed bin Salman should have sovereign immunity from a U.S. federal lawsuit related to the killing of Saudi journalist Jamal Khashoggi.

The immunity decision amounted to a concession to Prince Mohammed, bolstering his standing as the kingdom’s de facto ruler after the Biden administration tried for months to isolate him, the newspaper said.

Physical crude markets have weakened in recent days, reflecting softer demand from China and Europe.

(Reporting by Ann Maria Shibu in Bengaluru; Maha El Dahan and Alex Lawler, Editing by David Goodman, Mike Harrison and Deepa Babington)

OilSaudi ArabiaWorld. NewsOPECPrice of oilOil PriceOPEC oil output

Journalistic standards Report an error

© 2022 Reuters

Яким чином підібрати шрифт до проєкту?Як гармонійно поєднувати шрифти між собою?Де взагалі брати шрифти сьогодні?
Останні новини
Trump lawyers hire team to search his properties for classified info.

Trump lawyers hire team to search his properties for classified info.

Lawyers for former President Donald Trump recently hired a team to search four of his properties for any potentially remaining classified materials, according to a source familiar the matter. CNN's John King breaks down the report. #CNN #News

Belarusians fighting for Ukraine show off captured Russian BMP-2 fighting vehicle.

Belarusians fighting for Ukraine show off captured Russian BMP-2 fighting vehicle.

This footage released by the Kastus Kalinouski Regiment, a volunteer regiment that has now been made part of the Ukrainian Army, shows troops practising with a captured Russian BMP-2 military fighting vehicle. The Regiment said on Twitter: "Now we...

1

Warnock wins, German raid and McConnell snubbed: World in Photos, Dec.

Warnock wins, German raid and McConnell snubbed: World in Photos, Dec.

A look at the top photos from around the globe. #ABCNews #RaphaelWarnock #MitchMcConnell #WorldInPhotos

Teacher goes viral for rant on 'white supremacist' grammar.

Teacher goes viral for rant on 'white supremacist' grammar.

Seattle radio host Jason Rantz on the Seattle crime wave and ‘woke’ education in schools Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC) is a 24-hour all-encompassing news service delivering br...

#NY Man Charged With #HateCrime After Allegedly Targeting #Jewish Father And Son.

#NY Man Charged With #HateCrime After Allegedly Targeting #Jewish Father And Son.

A New York man faces multiple charges, including assault as a hate crime, after allegedly firing a BB gun at a Jewish father and son who were out grocery shopping, police say. » Subscribe to NBC News: » Watch more NBC video: NBC News Digital is a ...

Fauci On Sparring With Sen. Paul: ‘I’m Not Going To Take That From Anybody’

Fauci On Sparring With Sen. Paul: ‘I’m Not Going To Take That From Anybody’

Dr. Anthony Fauci reflects on his handling of Congressional hearings, saying he was “very calm and measured” except in his heated interaction with Senator Rand Paul. “Now with all due respect, I'm not going to take that from anybody, including a s...