Potential 2024 OPEC Production Cuts Cause Brief Spike in Oil Prices
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Potential 2024 OPEC Production Cuts Cause Brief Spike in Oil Prices
Potential 2024 OPEC , Production Cuts Cause , Brief Spike in Oil Prices.
On December 5, oil prices briefly
spiked after Russia suggested
continued OPEC production cuts in 2024.
Markets Insider reports that Russian Deputy
Prime Minister Alexander Novak warned of more
potential production cuts through Q1 of next year.
.
Markets Insider reports that Russian Deputy
Prime Minister Alexander Novak warned of more
potential production cuts through Q1 of next year.
.
The warning to energy markets
caused both Brent crude and West Texas
Intermediate to initially rally around 1%.
However, oil prices turned lower
shortly after that initial climb, with both
Brent and WTI falling approximately 0.8%.
OPEC has already committed to
cutting production by 2.2 million
barrels per day through Q1 of 2024.
The news comes after OPEC slashed
production multiple times in 2023.
.
Markets Insider reports that Saudi Arabia's energy
chief previously said the cuts were meant to boost
crude prices and smooth out volatility in the oil market.
.
In September, Russia and Saudi Arabia took extra
steps to apply pressure to the oil supply, agreeing
to cut production by an additional 1.3 million barrels.
.
That news briefly shot oil prices up to a 10-month
high, however, crude prices have fallen a total
of about 20% amid slowing global growth.
.
Last week, Goldman Sachs strategists suggested
that supply disruptions in the Middle East could
drive oil prices back up to $100 a barrel in 2024.
Oil prices have plunged to a four-year low, with Brent crude falling below $64 per barrel amid intensifying US-China trade tensions. The collapse follows Trump’s sweeping tariff move and China’s retaliatory duties, stoking fears of a global recession. Experts warn that unless political tensions ease, oil could spiral further. West Texas Intermediate also dropped below $60, and OPEC’s surprise production boost only added to the market’s volatility. As energy markets wobble, global investors brace for more economic shocks triggered by deepening geopolitical rifts and uncertain trade dynamics.
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