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FinancialNews
12-10-22
Fitch: OPEC+ oil output reduction to have silent effect on global market
(MENAFN) The verdict by the Organization of the Petroleum Exporting nations and its associates to cut crude output by 2 million barrels a day from November is going to have a silent effect on the worldwide oil market, as the real production reductions are going to be less, as shown by a report by rating agency Fitch.
Fitch mentioned that Saudi Arabia and the UAE are going to have to make the biggest actual output reductions, whereas additional nations in the group recognized as OPEC+, such as Nigeria, are going to have some room below their individual share to surge production.
As mentioned in the report, “The recent increases in global oil inventories suggest that the market is in a production surplus.”
It continued: “We expect OPEC+ to target a broad balance in the oil market by changing production quotas and available crude supplies, although it may become increasingly difficult to achieve a consensus among the members due to demand uncertainties and the recession in large developed markets.”
MENAFN12102022000045014228ID1105007174
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