{"id":1941850,"date":"2023-06-01T09:44:02","date_gmt":"2023-06-01T13:44:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opec-unlikely-to-deepen-oil-supply-cuts-at-june-4-meeting-sources-say\/"},"modified":"2023-06-01T09:48:19","modified_gmt":"2023-06-01T13:48:19","slug":"opec-unlikely-to-deepen-oil-supply-cuts-at-june-4-meeting-sources-say","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opec-unlikely-to-deepen-oil-supply-cuts-at-june-4-meeting-sources-say\/","title":{"rendered":"Sources say OPEC+ won&#8217;t increase oil supply cuts on June 4."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fopec-unlikely-to-deepen-oil-supply-cuts-at-june-4-meeting-sources-say%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1941850&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>OPEC Unlikely to Deepen Supply Cuts Despite Falling Oil Prices<\/h2>\n<p>By Ahmad Ghaddar and Maha El Dahan<\/p>\n<blockquote>\n<p>OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters.<\/p>\n<\/blockquote>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">\n  <script>googletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });<\/script>\n<\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<p>OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world\u2019s crude and supplies around 60% of the oil export market, meaning its policy decisions can have a major price impact.<\/p>\n<p>As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May and to continue to the end of the year. This was in addition to a 2 million barrels per day (bpd) cut agreed in early October to output targets versus an August 2022 production baseline. It brought total output cuts to 3.66 million bpd, or about 4% of global consumption.<\/p>\n<p>The group of late has cut by more than its targets mainly because of capacity limitations in West African producers Nigeria and Angola. A Reuters survey found the two countries missed their output targets by a combined 600,000 bpd in May, while outages in the Kurdistan Region of northern Iraq meant the country produced 220,000 bpd below its target last month.<\/p>\n<p>The surprise announcement in April helped to drive benchmark Brent crude prices about $9 per barrel higher to above $87 over the days followed, but Brent has since lost those gains to trade below $73, under pressure from concerns about <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/goldman-sachs-says-inflation-is-bigger-threat-to-global-economy-than-covid-19\/\" title=\"Goldman Sachs Says Inflation Is Bigger Threat To Global Economy Than COVID-19\">global economic growth<\/a> and its impact on fuel demand.<\/p>\n<p>Last week, Saudi Energy Minister Prince Abdulaziz bin Salman told investors he said were shorting the oil price to \u201cwatch out,\u201d which many market watchers interpreted as a warning of additional supply cuts. But Russian Deputy Prime Minister Alexander Novak subsequently said he did not expect any new steps from OPEC+ in Vienna, Russian media reported.<\/p>\n<blockquote>\n<p>\u201cAt this precise time, no change for the meeting but as usual, depending on the mood of some, everything can change,\u201d one OPEC+ source said. This view was echoed by three other sources, all of whom asked not to be named.<\/p>\n<\/blockquote>\n<p>Two other sources said it was too soon to be sure of the meeting\u2019s outcome.<\/p>\n<p>Beyond the unexpected April decision, the group has surprised markets several times in recent years. In March 2020, it abandoned production quotas altogether, launching a Saudi-Russian price war at the onset of the COVID-19 pandemic that sent oil prices 25% lower. It quickly re-established quotas with its biggest output cut to date of about 10 million bpd, agreed in April, 2020.<\/p>\n<h3>What Analysts are Saying<\/h3>\n<p>HSBC said in a note on Wednesday it did not expect OPEC+ to change its policy, but that the group may cut output later if an expected market deficit in the second half of the year does not materialise and prices remain below $80 per barrel. \u201cWe think the current set of cuts, in addition to the stronger oil demand we expect from China and the West from the summer onwards, will bring about a deficit in the market in 2H23,\u201d the bank said.<\/p>\n<p>OPEC has said it expects oil demand growth to reach 2.33 million bpd this year as non-OPEC supplies grow by 1.4 million bpd.<\/p>\n<p>Goldman Sachs anticipated no change to OPEC+ policy this week, but predicted the group could \u201cutilise some partly offsetting hawkish rhetoric\u201d. The bank also said OPEC+ may act later if prices remain below $80 in the second half of the year.<\/p>\n<h3>Other Headlines<\/h3>\n<ul>\n<li>\n<p>China postures against a timid Biden Administration.<\/p>\n<\/li>\n<li>\n<p>Mike Pence is planning to enter the 2024 presidential race next week. Reports say the former vice president will launch his campaign next Wednesday with a rally in Des Moines, Iowa.<\/p>\n<\/li>\n<li>\n<p>The White House announces another round of aid for Ukraine. Today National Security Spokesman John Kirby affirmed Russia has continued to wage a brutal and unprovoked war against Ukraine.<\/p>\n<\/li>\n<li>\n<p>If the House passes the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-clears-debt-ceiling-resolution-in-a-314-117-vote\/\" title=\"House approves debt ceiling resolution with 314-117 vote.\">debt ceiling bill today<\/a>, as Speaker McCarthy believes it will, the bill will then proceed to the Senate where it will require 60 votes before it can be sent to President Biden\u2019s desk.<\/p>\n<\/li>\n<li>\n<p>Apple Inc supplier Foxconn will start manufacturing iPhones in the southern state of Karnataka by April 2024, the state\u2026<\/p>\n<\/li>\n<li>\n<p>An Italian senator has surprised his colleagues by reading out in parliament a speech drafted by a chatbot, saying\u2026<\/p>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>OPEC+ is not expected to increase supply cuts at their meeting on Sunday, despite oil prices dropping to $70 per barrel. Four sources from the alliance confirmed this to Reuters. The group includes OPEC and other oil-producing countries.<\/p>\n","protected":false},"author":66,"featured_media":1941851,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[3862,5476,13148,7393,23480,6409,11410,4324],"class_list":["post-1941850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-cuts","tag-increase","tag-june","tag-oil","tag-opec","tag-sources","tag-supply","tag-wont"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1941850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1941850"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1941850\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1941851"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1941850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1941850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1941850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}