info@marketresearchfuture.com   📞 +1 (855) 661-4441(US)   📞 +44 1720 412 167(UK)   📞 +91 2269738890(APAC)

OPEC+ Continue to Extend Cutbacks On Oil Production Till Second Quarter of 2024

By Shubhendra Anand , 14 March, 2024

The global oil industry is going through hard times since OPEC+ (Organization of Petroleum Exporting Countries), like Russia, has imposed cutbacks on exports. Analysts in the oil industry expect the cutbacks on oil exports to continue till the second quarter of 2024.

Surveys done by the oil industry predict that OPEC+ countries are expected to extend the cutback on oil exports till the second quarter of 2024. However, another survey in the oil sector suggests that OPEC+  countries are not supposed to make any changes in their production plans till the second quarter of 2024. According to the Energy Information Administration (EIA), crude oil prices are expected to increase based on the current price of the oil. Experts suggest that the rise in crude oil prices depends on the OPEC+ production cuts leading to global stock draws of 810,000 barrels daily. This resulted in an increase in the price of Brent from USD 78 per barrel to USD 85 per barrel in March 2024. The Brent price was USD 78 per barrel in December 2023. However, experts anticipate a fall in crude oil prices in April 2024, a reason for increased oil consumption and consumer demand. Another oil industry official mentions that the oil supply is increasing the demand for it, thus keeping the oil prices balanced. Therefore, OPEC+ has kept that oil distant from the market in 2024.
 
OPEC+ has not declared the extension of cutbacks on oil exports till the second quarter of 2024. However, experts anticipate that OPEC+ may increase the production cuts after some member countries continue overproduction of oil in January 2024. However, the global energy sector will shift to green energy consumption by the end of 2050 as countries take the necessary steps towards it. Therefore, global oil consumption in the next five years may decline as it has been fluctuating for the past two years due to the economic conditions of the countries.

Forecasts of Cruide oil Prices

 

2024.png

Latest News

2025.png
Honda and Renesas Collaborate for Next-Gen Software-Defined Vehicles in 2025

In January 2025, Honda Motor Co., Ltd. and Renesas Electronics Corporation declared a strategic collaboration to create a high-performance system on a chip (SoC) designed for Software Defined Vehicles (SDVs). This cooperation is intended to bolster…

Read More

2025.png
NVIDIA's Mega Omniverse Master Plan: Revolutionizing Robotics and AI by 2025

 In 2025, NVIDIA is set to transform AI and robotics with its Mega Omniverse Blueprint, a framework for designing, simulating, and optimizing robot fleets within the digital twins of industrial environments. This new initiative combines NVIDIA's…

Read More

Diseases.png
How Vaccines Helped Eradicate Deadly Diseases – A 2025 Breakthrough

Public health has benefited dramatically from vaccinations, which have helped completely eradicate or significantly lower the frequency of lethal illnesses. Vaccines will still be among the most potent weapons available in 2025 to stop global…

Read More

2025.png
Oil Prices Crash in 2025: Biggest Weekly Drop Amid Tariffs & Oversupply

Oil prices stay on track as United States (U.S.) sanctions on Canada and Mexico keep diverting the market and stable supply levels support a significant weekly decline in 2025. Reuters said this is the biggest weekly decline since October…

Read More

2025.png
Quadric and Denso Team Up to Progress Automotive AI Semiconductors for 2025

The automotive industry will benefit significantly from strategic partnerships in artificial intelligence (AI) and its use in cars. AI integration into automobiles is projected to improve considerably in the year 2025 due to the formation of various…

Read More

Author Pic
Shubhendra Anand

Head Research