• Latest
  • Trending
OPEC+ Meeting Ends With Major Surprise Cut From Saudi Arabia

OPEC+ Meeting Ends With Major Surprise Cut From Saudi Arabia

January 6, 2021
ARISE XCHANGE

ARISE XCHANGE

January 22, 2021
Ethiopia Drops Gun Charges Against Media Mogul Jawar Mohammed

Ethiopia Drops Gun Charges Against Media Mogul Jawar Mohammed

January 22, 2021
Court Orders Nigerian Senator Be Remanded Over Former Pension Boss Disappearance

Nigeria’s Supreme Court Dismisses Appeal By Abacha’s Family to Access Frozen Foreign Accounts

January 22, 2021
Trump’s Trial for ‘Inciting Insurrection’ to Start Monday

Trump’s Trial for ‘Inciting Insurrection’ to Start Monday

January 22, 2021
Russia Welcomes US Proposal to Extend Nuclear Treaty

Russia Welcomes US Proposal to Extend Nuclear Treaty

January 22, 2021
Twin Suicide Bombings Kill At Least 23 in Iraqi Capital Baghdad

Islamic State Claims Responsibility for Twin Suicide Blasts in Baghdad

January 22, 2021
Japan Vaccination Uncertainty Casts Doubts Over Olympics    

Japan Vaccination Uncertainty Casts Doubts Over Olympics  

January 22, 2021
Comedian Dave Chappelle Tests Positive for Covid-19, Shows Canceled

Comedian Dave Chappelle Tests Positive for Covid-19, Shows Canceled

January 22, 2021
Germany’s Covid-19 Death Toll Tops 50,000

Germany’s Covid-19 Death Toll Tops 50,000

January 22, 2021
UN Expresses Concern Over ‘Disturbing Rape Reports in Tigray’

UN Expresses Concern Over ‘Disturbing Rape Reports in Tigray’

January 22, 2021

Nigeria Can Defeat Kidnappings Within Three Months Using Drones, Says Surveillance Expert

January 22, 2021

Nigeria: Former Electoral Commission Boss Jega Calls for Scrap of ‘Unnecessary’ Federal Ministries

January 22, 2021
ARISE Newsday

ARISE Newsday

January 22, 2021
UN Expresses Concern Over ‘Disturbing Rape Reports in Tigray’

UN Expresses Concern Over ‘Disturbing Rape Reports in Tigray’

January 22, 2021
#Watch: I Proposed That We Send Goodluck Jonathan to Help Trump Come to Terms With Losing Election – Wole Soyinka

Soyinka: ‘No Difference’ Between Trump and Uganda’s Museveni

January 22, 2021
#Watch: I Proposed That We Send Goodluck Jonathan to Help Trump Come to Terms With Losing Election – Wole Soyinka

Trumps’s Sole Agenda Was to Dismantle Obama’s Legacy

January 22, 2021
Global Business Report

Global Business Report

January 22, 2021

Morning Show

January 22, 2021
Next James Bond Film Delayed for Third Time Due to Covid-19

Next James Bond Film Delayed for Third Time Due to Covid-19

January 22, 2021
Restructuring Alone Can’t Solve Nigeria’s Problems, Former President Jonathan Says

Restructuring Alone Can’t Solve Nigeria’s Problems, Former President Jonathan Says

January 22, 2021
Bitcoin Breaks Above $20,000 for First Time

Bitcoin Slide Continues, Heads for Worst Week Since March 2020

January 22, 2021
Nigerian Nurses Raise the Alarm over Inadequate Medical Personnel for Covid-19 Vaccination

Nigerian Nurses Raise the Alarm over Inadequate Medical Personnel for Covid-19 Vaccination

January 22, 2021
Chinese Rescuers Hope to Drill Shaft to Free Trapped Gold Miners

Trapped China Gold Miners Have to Wait 15 Days for Rescue

January 22, 2021
Finance Minister Says Nigeria Taking $750m World Bank Loan on Behalf of States, Blames Transport Costs for Inflation

Nigeria Approves $17m for 38 New Oxygen Plants Nationwide

January 22, 2021
Buhari Approves Another Five-year Term for Nigeria Ports Boss Hadiza Bala Usman

Stakeholders Hail Reappointment of Bala-Usman as Nigeria Ports Boss

January 22, 2021
Court Sets Aside Death Sentence on Kano Singer, Orders Retrial   

Court Sets Aside Death Sentence on Kano Singer, Orders Retrial  

January 22, 2021
Nigeria: Zamfara Governor Denies Ruling Party’s Accusation of Sponsoring Bandits

Nigeria: Zamfara Governor Accuses Traditional Rulers of Sabotaging Peace Efforts

January 22, 2021
Google Threatens to Withdraw Search Engine from Australia

Google Threatens to Withdraw Search Engine from Australia

January 22, 2021
US House Lawmakers Set to Impeach Trump For Historic 2nd Time

Republicans Seek Delay Until February to Give Trump ‘Fair’ Impeachment Trial

January 22, 2021
#EndSARS: Buhari Promises Extensive Police Reforms

Buhari Demands Stricter Measures to Tackle Tax Evasion in Nigeria

January 22, 2021
en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
No Result
View All Result
Saturday, January 23, 2021
Arise News
  • HOME
  • Breaking
  • Global
  • Regional
  • US ELECTION
  • BUSINESS
  • Politics
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates
Arise News
  • HOME
  • Breaking
  • Global
  • Regional
  • US ELECTION
  • BUSINESS
  • Politics
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates
No Result
View All Result
Arise News
No Result
View All Result
Home Global

OPEC+ Meeting Ends With Major Surprise Cut From Saudi Arabia

January 6, 2021
Reading Time: 3min
0 0
0
OPEC+ Meeting Ends With Major Surprise Cut From Saudi Arabia
Share on FacebookShare on Twitter

After another round of drama and a stalling of the talks on Monday, the Tuesday extension of the OPEC+ meeting concluded at long last with a solution upon which all OPEC+ members agreed. But it didn’t end the way anyone thought it would.

Tuesday’s meeting saw the groups agree to lift oil production by 75,000 barrels per day over January levels, according to OPEC’s post-meeting press release.

But Saudi Arabia’s late announcement after the meeting sent oil prices soaring—that Saudi Arabia would voluntarily cut an additional 1 million barrels per day in February and March above its current quota—all while OPEC’s allies get to ramp up production.

The OPEC+ agreed not only for the production levels for February but for March as well. March’s production level will see an additional increase of 120,000 barrels per day over February levels, or 195,000 bpd over January levels.

With March’s production quotas already set, the February meeting, therefore, will set production quotas for April.

The previous meeting held in December adjusted the total production cuts to 7.2 million bpd for January, from 7.7 million bpd before.

But with Saudi Arabia’s additional voluntary cuts, February’s total production cuts will be 8.125 million bpd, and March’s will total 8.05 million bpd.

For Saudi Arabia, there are no changes to its official output quota for either February or March. Neither are there changes to the UAE’s quotas or Iraq’s. In fact, for OPEC, there are no changes for February to the individual quotas. All the production increases, therefore, go to the non-OPEC members, not surprisingly to Kazakhstan and Russia.

Russia’s February production quota increase from 9.119 million bpd in January to 9.184 million bpd. For March, Russia’s production quota again increases to 9.249 million bpd.

That the non-OPEC group was the only group afforded increases in production over the next two months, with OPEC, therefore, shouldering more of the burden for the market’s production cuts highlights OPEC’s waning influence in the market as a lone player, and Russia’s growing influence over the oil markets.

Regardless of how the deal shook out between the members, the oil market cheered. Oil prices rallied in the afternoon, with WTI rallying more than 5% and Brent rallying just under 5%.

Tags: OPEC+ members
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 Arise News - Part of the Arise Media Group.

No Result
View All Result
  • HOME
  • Breaking
  • Global
  • Regional
  • US ELECTION
  • BUSINESS
  • Politics
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates

© 2020 Arise News - Part of the Arise Media Group.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist