The rise came after the OPEC Plus alliance agreed to
postpone the start of easing planned production cuts until April, and slow the
addition of supplies to the market.
According to tanker-tracking data compiled by Bloomberg,
November 2024 export estimates were revised to 6.16 million bpd, compared with
an initial estimate of 6.17 million bpd.
As against this, preliminary data from Kepler showed that
Saudi oil exports in November 2024 were 6.06 million bpd, while Vortexa
estimated flows at about 6.05 million bpd.
As per the agreement reached by energy ministers of OPEC
Plus, current production targets have been extended until the end of 2026, with
a slight increase gradually implemented starting in April for the UAE.
The first round of additional voluntary cuts has also been extended until the
end of 2026. A plan to phase out a second set of voluntary cuts of about 2.2
million bpd has also been delayed three times so far, and is now set to start
in April at a slower pace than previously agreed, with production restored over
18 months instead of the 12 months planned previously.
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