U.S. crude oil falls more than 3% as OPEC+ plans to phase out voluntary production cuts
Publishing timestamp: 2024-06-03 12:47:28
Summary
OPEC+ members led by Saudi Arabia and Russia announced plans to phase out 2.2 million barrels per day in production cuts, causing U.S. crude oil prices to fall. The phased approach will see more than 500,000 bpd return to the market by December, and 1.8 million bpd by June 2025. The decision is seen as bearish by some analysts, as it could weaken the market structure and limit upside for crude prices. Despite facing challenges, OPEC+ has managed to keep prices elevated through cuts.
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Keywords: oil and gas, breaking news: markets, natural gas (mar'23), wti crude (mar'23), ice brent crude (apr'23), markets, business news, investment strategy,
Source: https://www.cnbc.com/2024/06/03/oil-prices-little-changed-after-opec-extends-output-cuts.html