Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Oil up after OPEC+ maintains output cuts

    Oil up after OPEC+ maintains output cuts

    October 5, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *OPEC+ barrel stock

    – But shaky demand caps gains

    Singapore — Oil prices inched up on Thursday, clawing back some of the previous session’s big losses after an OPEC+ panel maintained oil output cuts to keep supply tight, though an uncertain demand outlook capped gains.

    Brent crude oil futures were 63 cents higher at $86.44 a barrel at 0335 GMT, while U.S. West Texas Intermediate crude (WTI) rose 49 cents to $84.71.

    Oil settled down more than $5 on Wednesday as a bleaker macroeconomic outlook and fuel demand destruction came into focus, following a meeting of an OPEC+ panel, grouping the Organization of the Petroleum Exporting Countries and allies led by Russia.

    The OPEC+ ministerial panel made no changes to the group’s oil output policy, and Saudi Arabia said it would continue with a voluntary cut of 1 million barrels per day (bpd) until the end of 2023, while Russia would keep a 300,000 bpd voluntary export curb until the end of December.

    “We continue to see the market in deficit through the fourth quarter and the softer prices reduce the probability OPEC will ease supply constraints,” National Australia Bank analysts said in a note.

    On the downside, the euro zone economy probably shrank last quarter, according to a survey which showed demand fell in September at the fastest pace in almost three years as consumers reined in spending amid rising borrowing costs and prices.

    The latest data also showed a sharp decline in U.S. gasoline demand. Finished motor gasoline supplied, a proxy for demand, fell last week to about 8 million bpd, its lowest since the start of this year, the U.S. Energy Information Administration (EIA) reported on Wednesday.

    “The three-month rally in crude oil prices has been riding on the narrative of tighter supply dynamics and resilient global economic conditions, so there is some discomfort for the bulls lately when the tailwinds were not as prominent as before,” said Yeap Jun Rong, a market strategist at IG.

    Oil prices will struggle to push higher given the more uncertain demand outlook, along with weaker U.S. economic data released on Wednesday and a significant build in gasoline inventories, he added.

    The U.S. services sector slowed in September as new orders fell to a nine-month low, though the pace remained consistent with expectations for solid economic growth in the third quarter.

    *Katya Golubkova & Jeslyn Lerh; editing: Sonali Paul & Jamie Freed – Reuters

    Related News

    Military efforts slash crude oil theft, as Minister hails Armed Forces

    Nigerian Navy cracks down on oil theft, arrests 76 vessels in two years

    Petrol marketers supply 20m litres daily without subsidy – Edun

    E-book
    Resilience Exhibition

    Latest News

    FG, States, LGCs share N1.659 revenue in May 2025

    June 22, 2025

    Military efforts slash crude oil theft, as Minister hails Armed Forces

    June 22, 2025

    Nigerian Navy cracks down on oil theft, arrests 76 vessels in two years

    June 22, 2025

    Rivers, Bayelsa left out as FG delivers life jackets to Kwara over boat mishaps

    June 22, 2025

    Nigeria commits $200m to health, eyes BRICS partnerships

    June 22, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.