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BREAKING
Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide
Da Silva: Even the Jewish people do not want this war; it is revenge by a government against the possibility of establishing a Palestinian state
Brazilian President Lula da Silva: What we are seeing is not a war between two armies. [What we have is a] completely professional army that is killing women and children in the Gaza Strip.
Hamas: We affirm our readiness to immediately begin a round of indirect negotiations to reach an agreement on the points of contention
Hamas: We welcome the continued Qatari and Egyptian efforts to end the war waged by the Zionist occupation against our people
Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period

Prices surge after OPEC+ decision, finance experts comment

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Apr 2023 17:54
3 Min Read

CNBC has reported that oil prices witnessed an 8% increase after the OPEC+ decision to voluntarily decrease oil production for the remainder of the year. 

  • x
  • Oil field with rigs and pumps at sunset. World Oil Industry. (Getty)
    Oil field with rigs and pumps at sunset. World Oil Industry. (Getty)

CNBC has reported that oil prices witnessed an 8% increase after the OPEC+ decision to voluntarily decrease oil production for the remainder of the year. 

“The selected involvement of the largest OPEC+ members suggests that adherence to production cuts may be stronger than has been the case in the past,” Vivek Dhar director of the Commonwealth Bank of Australia noted.  

Furthermore, Tina Teng CMC (Currency Management Corporation) said that “OPEC+‘s plan for a further production cut may push oil prices toward the $100 mark again, considering China’s reopening and Russia’s output cuts as a retaliation move against western sanctions”.

According to Wood Mackenzie, China is anticipated to make up 40% of the world’s demand recovery in 2023.

Read more: Oil prices fell sharply after reports of UAE mulling OPEC withdrawal

“They’re looking into the second half of this year and deciding they don’t want to relive 2008,” said Bob McNally, president of Rapidan Energy Group, referring to the massive crash in oil prices from 140$ to 35 back in 2008. 

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Read more: OPEC+ cut down on oil production

Yesterday, the Saudi energy minister announced that the kingdom will be cutting down oil production at a rate of 500,000 barrels per day until the end of 2023, for the sake of stabilizing the oil market. 

Russia reciprocated the decision and announced a downplay of oil production at the same rate. 

Iraq, UAE, Algeria, Kuwait, Oman, and Kazakhstan will be reportedly following suit to voluntarily cut down on oil production.

  • KSA will cut down oil production by 500,000 bpd 
  • Russia will cut down oil production by 500,000 bpd
  • Iraq will cut down oil production by 211,000 bpd
  • UAE will cut down oil production by 144,000 bpd
  • Algeria will cut down oil production by 48,000 bpd
  • Kuwait will cut down oil production by 128,000 bpd
  • Oman will cut down oil production by 40,000 bpd
  • Kazakhstan will cut down oil production by 78,000 bpd

These cuts are expected to be effective in May and to stay in effect until the end of the year.

Read more: OPEC cuts down production target for fifth time since April

Back in November, citing economic challenges such as high inflation and interest rate increases, OPEC cut its forecast for 2022 global oil demand growth - cutting down next year’s figure as well. 

"The world economy has entered a period of significant uncertainty and rising challenges in the fourth quarter of 2022," OPEC said in November in a report it published following the energy crisis which followed the war in Ukraine. The report also pointed out that oil demand in 2022 will rise by 2.55 million barrels per day, amounting to a 2.6% increase. 

  • Russia
  • Oil
  • Oil Production
  • OPEC+
  • Oil prices

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