Oil prices soar

OPEC+ on Sunday surprised oil markets with an announcement that it will reduce its output further, by some 1.16 million barrels daily.

Reuters noted in a report that with the new cut, the total output reduction amount from OPEC+ will come in at 3.66 million barrels daily, or 3.7% of global oil demand.

The Financial Times reported that oil prices had gained 8% immediately after the announcement, noting Saudi Arabia’s share of the cuts would be almost half of the total, at 500,000 bpd.

Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
Challenger Energy

More articles like this

Challenger Energy

Optimism drives oil prices to a one-month high

On Monday, oil prices experienced a significant surge, reaching their highest settlement levels in over a month. This increase, which added to the previous week’s gains, was driven by investor optimism regarding future demand. U.S. West

Challenger Energy

Oil prices rise on Israel-Hamas ceasefire hopes

Oil prices edged higher on Tuesday, after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza, and on Mexico’s plan to remove more crude from the global market. Brent crude