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Ministry of Energy official stated that the Kingdom of Saudi Arabia will implement a voluntary cut of 500 thousand barrels per day from May till the end of 2023 in coordination with some other OPEC and non-OPEC Participating Countries in the Declaration of Cooperation. This voluntary cut is in addition to the reduction in production agreed at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022. The Ministry of Energy official emphasized that this is a precautionary measure aimed at supporting the stability of the oil market. --SPA

PEC's Surprise Announcement Gets Big Yawn OPEC is struggling to get prices up. To achieve that result OPEC Agrees Larger-Than-Expected Cut OPEC, supplier of more than 40 percent of the world’s oil, agreed to cut production quotas by a larger- than-expected 9 percent to revive prices as a global recession reduces demand for crude. “OPEC is sending a message that they are trying to cut pretty seriously,” said Mike Wittner, head of oil research at Societe Generale SA in London. “If they need more cuts, there will be more cuts.” Market Greets OPEC's Surprise Announcement With Big Yawn OPEC may...

News from Reuters OPEC would cut oil output at below $80: source 08/10/08 DUBAI (Reuters) - OPEC is unlikely to cut output at its meeting in December unless the price for crude produced by its members falls below $80 a barrel, an OPEC source said on Wednesday. The price for OPEC's basket of crude stood just above that threshold on Tuesday, at $80.04 a barrel. U.S. crude, which trades a few dollars higher than OPEC oil, slid to a 10-month low on Wednesday on concern that the international financial crisis would have a major impact on demand for energy. "The...

Anti-U.S. allies Venezuela and Iran seek OPEC oil cut By Christian Oliver Sun Jan 14, 2:52 AM ET Venezuela and Iran strengthened their growing ties on Saturday with a stream of anti-U.S. statements, various commercial agreements and a pledge to push for a cut in world oil supplies to counter plunging prices. Venezuelan President Hugo Chavez blamed the United States, the archfoe of both Caracas and Tehran, for undermining the significance of the OPEC cartel to bring down oil prices, which have tumbled 15 percent this year during a mild U.S. winter. "We agreed this afternoon to increase our coordinated...