India  

Potential 2024 OPEC Production Cuts Cause Brief Spike in Oil Prices

Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Potential 2024 OPEC Production Cuts Cause Brief Spike in Oil Prices

Potential 2024 OPEC Production Cuts Cause Brief Spike in Oil Prices

Potential 2024 OPEC , Production Cuts Cause , Brief Spike in Oil Prices.

On December 5, oil prices briefly spiked after Russia suggested continued OPEC production cuts in 2024.

Markets Insider reports that Russian Deputy Prime Minister Alexander Novak warned of more potential production cuts through Q1 of next year.

.

Markets Insider reports that Russian Deputy Prime Minister Alexander Novak warned of more potential production cuts through Q1 of next year.

.

The warning to energy markets caused both Brent crude and West Texas Intermediate to initially rally around 1%.

However, oil prices turned lower shortly after that initial climb, with both Brent and WTI falling approximately 0.8%.

OPEC has already committed to cutting production by 2.2 million barrels per day through Q1 of 2024.

The news comes after OPEC slashed production multiple times in 2023.

.

Markets Insider reports that Saudi Arabia's energy chief previously said the cuts were meant to boost crude prices and smooth out volatility in the oil market.

.

In September, Russia and Saudi Arabia took extra steps to apply pressure to the oil supply, agreeing to cut production by an additional 1.3 million barrels.

.

That news briefly shot oil prices up to a 10-month high, however, crude prices have fallen a total of about 20% amid slowing global growth.

.

Last week, Goldman Sachs strategists suggested that supply disruptions in the Middle East could drive oil prices back up to $100 a barrel in 2024.


You Might Like


💡 newsR Knowledge: Other News Mentions

Saudi Arabia Saudi Arabia Country in West Asia

LIVE | IPL Auction 2025: Bidding War Starts | All Eyes on Pant, Arshdeep, Butler and Starc | Watch [Video]

LIVE | IPL Auction 2025: Bidding War Starts | All Eyes on Pant, Arshdeep, Butler and Starc | Watch

The highly anticipated IPL 2025 mega auction, set to take place on November 24-25 in Jeddah, Saudi Arabia, is creating immense buzz with 574 players vying for 204 slots across 10 teams. Among the marquee players, Rishabh Pant, the former Delhi Capitals captain, is expected to dominate the auction spotlight. With a base price of ₹2 crore, Pant’s proven leadership and wicketkeeping prowess make him a prime candidate for record-breaking bids. Teams like Punjab Kings, Royal Challengers Bengaluru, and Chennai Super Kings are likely contenders, while Delhi Capitals may use their RTM card to retain him. Will Pant surpass Mitchell Starc's ₹24.5 crore record? The stage is set for an electrifying auction battle. #IPLAuction2025 #IPLMegaAuction #IPLAuctionLive #IPL2025 #RishabhPant #CricketNews #IPLTeams #CSK #RCB #MumbaiIndians #KKR #IPLUpdates #SportsNews #CricketFans #IPLRetentionList ~PR.152~HT.95~ED.155~GR.124~

Credit: Oneindia    Duration: 04:31Published
IPL Auction 2025: Will Rishabh Pant Break Record For Most Expensive Player In History? [Video]

IPL Auction 2025: Will Rishabh Pant Break Record For Most Expensive Player In History?

The highly anticipated IPL 2025 mega auction, set to take place on November 24-25 in Jeddah, Saudi Arabia, is creating immense buzz with 574 players vying for 204 slots across 10 teams. Among the marquee players, Rishabh Pant, the former Delhi Capitals captain, is expected to dominate the auction spotlight. With a base price of ₹2 crore, Pant’s proven leadership and wicketkeeping prowess make him a prime candidate for record-breaking bids. Teams like Punjab Kings, Royal Challengers Bengaluru, and Chennai Super Kings are likely contenders, while Delhi Capitals may use their RTM card to retain him. Will Pant surpass Mitchell Starc's ₹24.5 crore record? The stage is set for an electrifying auction battle. #IPLAuction2025 #IPLMegaAuction #IPLAuctionLive #IPL2025 #RishabhPant #CricketNews #IPLTeams #CSK #RCB #MumbaiIndians #KKR #IPLUpdates #SportsNews #CricketFans #IPLRetentionList ~PR.152~HT.318~ED.155~GR.124~

Credit: Oneindia    Duration: 03:06Published

Ex-Rangers boss Beale joins Gerrard at Al-Ettifaq

Former Rangers and Sunderland manager Michael Beale is appointed assistant coach to Steven Gerrard at Saudi club Al-Ettifaq.
BBC Sport

Middle East Middle East Geopolitical region

EU to allocate over €200mln to Lebanese military as ceasefire talks continue [Video]

EU to allocate over €200mln to Lebanese military as ceasefire talks continue

The EU's Foreign Policy chief Josep Borrell’s visit to Lebanon comes at the end of a Middle East tour related to the ongoing wars in Gaza and Lebanon. Before his visit to Beirut, Borrell visited Cyprus and Jordan.

Credit: euronews (in English)    Duration: 01:10Published
EU's top foreign diplomat meets Israelis and Palestinians at two-state solution conference [Video]

EU's top foreign diplomat meets Israelis and Palestinians at two-state solution conference

Asked whether he was optimistic about peace in the Middle East over the coming months, Borrell said "a ceasefire must come and it is absolutely essential."

Credit: euronews (in English)    Duration: 01:01Published
Cooper declines to comment on Netanyahu's potential arrest [Video]

Cooper declines to comment on Netanyahu's potential arrest

Yvette Cooper refused to comment on whether Israeli Prime Minister Benjamin Netanyahu would be arrested if he visited the UK, following arrest warrants issued by the International Criminal Court (ICC) over alleged war crimes in Gaza. Cooper stated, "The ICC is independent, and we respect its position," adding that the UK government’s focus remains on pursuing a ceasefire in Gaza and addressing the ongoing challenges in the Middle East. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Credit: ODN    Duration: 00:20Published
European leaders pledge support for Ukraine on 1,000 days of war [Video]

European leaders pledge support for Ukraine on 1,000 days of war

Leaders of the world's 20 major economies also issued a joint declaration in which they called for a global pact to combat hunger, more aid for Gaza and to end the hostilities in the Middle East.

Credit: euronews (in English)    Duration: 01:15Published
VIDEO| Iraqi Warplanes Fire Drones Deep Inside Israel’s Eilat; Back-to-Back Attacks Provokes IDF [Video]

VIDEO| Iraqi Warplanes Fire Drones Deep Inside Israel’s Eilat; Back-to-Back Attacks Provokes IDF

In a shocking escalation, Iraqi warplanes launched a surprise drone strike deep inside Israel’s southern city of Eilat, targeting a strategic site. The attack marks a bold move by the Islamic Resistance in Iraq, as it continues a campaign of back-to-back assaults against Israeli military targets. The strike comes just a day after similar attacks in the region, intensifying tensions. The Israeli Defense Forces (IDF) have expressed fury, vowing immediate retaliation and heightening fears of further conflict in the already volatile Middle East. Watch as the situation unfolds in this dramatic video report. #IraqiAirStrike #DroneAttack #IsraelConflict #EilatStrike #MiddleEastTensions #IDFResponse #IslamicResistance #MilitaryEscalation #BackToBackStrikes #WarOnIsrael #TensionsRising #IraqVsIsrael #DroneWarfare #BreakingNews #MiddleEastCrisis ~HT.178~GR.124~PR.152~ED.101~

Credit: Oneindia    Duration: 03:22Published

Related videos from verified sources

Red Sea crisis could put inflationary pressures on India’s economy| Houthis attack Red Sea| Oneindia [Video]

Red Sea crisis could put inflationary pressures on India’s economy| Houthis attack Red Sea| Oneindia

Initially, concerns about the impact of the Israel-Hamas conflict on the global economy were dismissed, as nearby oil-exporting regions continued their production without disruption. Despite efforts by..

Credit: Oneindia     Duration: 03:04Published
Russian President Vladimir Putin Engages Saudi Crown Prince on OPEC+ Cooperation | Oneindia News [Video]

Russian President Vladimir Putin Engages Saudi Crown Prince on OPEC+ Cooperation | Oneindia News

Russian President Putin meets Saudi Crown Prince Salman to discuss oil cooperation in OPEC+. Amid oil price concerns, talks address market stability. Speculation arises over potential ties to the..

Credit: Oneindia     Duration: 02:04Published