Oil Updates — crude slips as Russia downplays additional OPEC+ output cuts

Oil Updates — crude slips as Russia downplays additional OPEC+ output cuts
Oil Updates — crude slips as Russia downplays additional OPEC+ output cuts

Thank you for reading the news about Oil Updates — crude slips as Russia downplays additional OPEC+ output cuts and now with the details

Jeddah - Yasmine El Tohamy - RIYADH: Oil prices fell on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further production cuts by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, at its meeting next week.

Brent crude futures were down $1.07, or 1.37 percent, to $77.29 a barrel at 1:30 p.m., while US West Texas Intermediate crude fell $1.14, or 0.7 percent, to $73.20.

On Thursday, Novak said he expected no new steps from the OPEC+ oil producers at its meeting in Vienna on June 4, Russian media reported.

Novak also said that high US interest rates and a slower-than-expected Chinese economic recovery kept oil prices from rising further.

Saudi Arabia and other OPEC+ oil producers announced cuts of more than 1 million barrels per day in April after crude prices in March fell toward $70 a barrel, the lowest in 15 months.

Novak said he expected Brent LCOc1 price to be above $80 a barrel by the end of the year, the state-owned news agency RIA reported. He said current prices between $75 and $76 reflected the market’s assessment of the global macroeconomic situation.

Kashagan oilfield output falls 

Oil output at Kazakhstan’s giant Kashagan oilfield fell this month after its operator shut two offshore injection wells on May 20 following the detection of sour gas during routine sampling, the company said on Thursday.

The North Caspian Operating Co. closed the wells to conduct an integrity test and further the survey program.

“Oil production (was) reduced during this testing period,” NCOC told Reuters.

Kashagan typically produces about 300,000 bpd.

Kazakhstan’s total daily oil and gas condensate output between May 21 and 24 averaged 240,525 tons per day, down from 252,133 tons per day between May 15 and 20, the country’s Oil and Gas Information and Analysis Service said.

NCOC is a consortium that includes Shell, Eni, TotalEnergies and Exxon Mobil Corp. as well as companies from Kazakhstan, China and Japan.

Norway oil companies raise investment forecast

Norwegian oil and gas companies have increased their investment forecasts for 2023, partly due to cost inflation, data from the country’s national statistics office showed on Thursday.

The country’s biggest business sector now expects to invest 197.8 billion Norwegian krones in 2023, up from a forecast of 187.8 billion Norwegian krones made in February, said the agency.

(With input from Reuters)

These were the details of the news Oil Updates — crude slips as Russia downplays additional OPEC+ output cuts for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Ministry of Economy and Planning signs MoU with Saudi National Institute of Health

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]