Possible OPEC+ global oil supply cuts on the table for Q2 2024
<img width="250" height="200" src="https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-Possible-OPEC-global-oil-supply-cuts-on-the-table-for-Q2-2024-iStock-471157495-250×200.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-Possible-OPEC-global-oil-supply-cuts-on-the-table-for-Q2-2024-iStock-471157495-250×200.jpg 250w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-Possible-OPEC-global-oil-supply-cuts-on-the-table-for-Q2-2024-iStock-471157495-700×560.jpg 700w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-Possible-OPEC-global-oil-supply-cuts-on-the-table-for-Q2-2024-iStock-471157495-768×614.jpg 768w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-Possible-OPEC-global-oil-supply-cuts-on-the-table-for-Q2-2024-iStock-471157495-120×96.jpg 120w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-Possible-OPEC-global-oil-supply-cuts-on-the-table-for-Q2-2024-iStock-471157495-245×196.jpg 245w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-Possible-OPEC-global-oil-supply-cuts-on-the-table-for-Q2-2024-iStock-471157495-500×400.jpg 500w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-Possible-OPEC-global-oil-supply-cuts-on-the-table-for-Q2-2024-iStock-471157495.jpg 1145w" sizes="(max-width: 250px) 100vw, 250px" /><p><span data-contrast="auto">The seven members are Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman. Officials, who wished to remain anonymous, indicated that additional limits will be considered in March. With a tempered <a href="https://www.leaprate.com/forex/oil-prices-end-seven-week-losing-strike-and-head-for-positive-outlook/" target="_blank" rel="noopener">oil price</a> of around $80 per barrel, the surge in US shale production, and the Red Sea conflict endangering shipments, OPEC+ members find it difficult to cover spending.</span><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span></p>
<p><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span><span data-contrast="auto">Reportedly, Prince Abdulaziz bin Salman Al Saud, Saudi Arabia’s energy minister, said in December 2023 that these supply limits may extend past March 2024 should conditions remain the same or worsen. </span><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span></p>
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<p><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span><span data-contrast="auto">Echoing this stance on Thursday, Algeria indicated that it is ready for continued supply reductions and will implement the necessary measures according to market conditions.</span><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span></p>
<p><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span><span data-contrast="auto">Should OPEC+ decide to revivify supply quotas, the International Energy Agency indicated that the global market will again sit with surplus supplies – not just for the next quarter, but also likely for the rest of the year.</span><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span></p>
<p><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span><span data-contrast="auto">At the OPEC+ meeting on Thursday, 1 February 2024, no changes were made to limits already in place. The next meeting of the OPEC+ Joint Ministerial Monitoring Committee will take place on 3 April 2024, but the anonymous sources indicated to Bloomberg that relevant members will meet early in March to reassess the situation.</span><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span></p>
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