Surge in Plant-Based Alternatives Innovative APAC Innovations and Consumer Interest Set to Hit Shelves in 2025
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
Latest News
Surge in Plant-Based Alternatives Innovative APAC Innovations and Consumer Interest Set to Hit Shelves in 2025
The Plant-Based Surge: New Meat Alternatives Hitting APAC Shelves Market 2025 is benefitting from an innovation cycle, a change in diet preferences, and sustainability needs. There is an emerging focus from start-ups, universities, and global food…
Recycled Polymers Surge in Global Packaging Demand in 2025
The global packaging industry is projected to have a sharp increase in the consumption of recycled polymers in relation to sustainability goals by 2025. This change is likely caused by regulations, business commitments to sustainability, and advances…
Flexible Packaging Market 2025 Sees Strong Growth Driven by Food Waste Reduction Initiatives
The Flexible Packaging Market’s role in reducing food waste in 2025 is becoming increasingly pivotal as governments, food producers, and packaging companies align around sustainability targets. With global food waste exceeding 1.3 billion tons…
Green Chemistry Update Startups Scale Bio-Based Resin Production in the CnM Market 2025
In 2025, the CnM (Composites and Materials) Market is witnessing a pivotal shift as green chemistry startups accelerate the production of bio-based resins, driven by regulatory pressures and sustainability commitments across industries. The momentum…
Solar Prices Fall by 12% in the first quarter of 2025 Effects on India's Renewable Energy Sector
In the first quarter of 2025, India experienced a remarkable decline of 12 percent in the cost of solar photovoltaic (PV) systems for the first time in history. This is a turning point for the country's renewable energy sector. The improvements in…
Shubhendra Anand
Head Research
Latest News
Recycled Polymers Surge in Global Packaging Demand in 2025
Flexible Packaging Market 2025 Sees Strong Growth Driven by Food Waste Reduction Initiatives
Green Chemistry Update Startups Scale Bio-Based Resin Production in the CnM Market 2025
Solar Prices Fall by 12% in the first quarter of 2025 Effects on India's Renewable Energy Sector
