We all like surprises

Brent prompt futures contract hiked to 54 $/b on early Tuesday, up by about 5%, as OPEC surprised market participants by reducing February output. The twist came from Saudi Arabia who decided to unilaterally cut production by 1 mb/d in February while allowing Russia and Kazakhstan to marginally increase their production for February and March. Other countries will rollover production cuts, until March when the group is meeting again.

saudi crud production
Share this news :

You might also read :

ES-economy
June 16, 2021

Waiting for the Fed

Apart from the continued increase in oil prices, the market is fairly calm. The Fed meeting ends today with its traditional press release and Mr.…
ES-gas
May 23, 2022

Prices weakened on bearish spot fundamentals

European gas prices weakened again on Friday, pressured by weak demand and comfortable supply. While Russian flows were stable, averaging 227 mm cm/day, Norwegian flows…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter
Thank you for subscribing to our newsletter​

We will get back in touch with you soon.

Don’t forget to follow us on twitter!

EnergyScan - Newsletter subscription

Don’t have an account yet? 

[booked-calendar]