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As Price of Oil Slides, OPEC Plus May Weigh Further Production Cuts As Price of Oil Slides, OPEC Plus May Weigh Further Production Cuts
(1 day later)
Just two months after surprising markets by announcing oil output cuts, officials from OPEC, Russia and other countries meeting in Vienna this weekend find themselves pondering whether they need to dial down production again.Just two months after surprising markets by announcing oil output cuts, officials from OPEC, Russia and other countries meeting in Vienna this weekend find themselves pondering whether they need to dial down production again.
Their goal would be to prop up a market that has turned negative. Oil prices since mid-April have fallen more than 12 percent, pushing Brent crude to about $76 a barrel and West Texas Intermediate to $71.70.Their goal would be to prop up a market that has turned negative. Oil prices since mid-April have fallen more than 12 percent, pushing Brent crude to about $76 a barrel and West Texas Intermediate to $71.70.
The main reason for the slump: persistent fears of a slowdown in the global economy that, in turn, has created worries among investors and traders about weaker demand for oil and other commodities.The main reason for the slump: persistent fears of a slowdown in the global economy that, in turn, has created worries among investors and traders about weaker demand for oil and other commodities.
“They are faced with a market that is doggedly bearish,” said Raad Alkadiri, managing director for energy, climate and resources at Eurasia Group, a political risk firm.“They are faced with a market that is doggedly bearish,” said Raad Alkadiri, managing director for energy, climate and resources at Eurasia Group, a political risk firm.
Some analysts, though, say the producers group will be reluctant to adjust production, figuring that it will be too soon and possibly counterproductive.
Broader macroeconomic concerns “have driven most of the recent sell-off in oil prices, and key OPEC Plus leaders understand that additional cuts are unlikely to halt moves of this type,” analysts from Energy Aspects, a research firm, wrote on Thursday.