Opec Deal

The weaker outlook further underscores the challenge faced by Opec+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia in balancing the market

Bloc members led by Saudi Arabia and Russia are holding a ministerial meeting on June 2 to decide the fate of global oil production

For the online meeting of OPEC+ oil producers coming up on Sunday, traders and analysts are predicting 2.2 million barrels per day of voluntary production cuts to stay in place

Former Pioneer CEO Scott Sheffield coordinated efforts with U.S. shale oil producers to constrain their output and raise energy prices, the Federal Trade Commission said

OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) until the end of June to support the market

"Oil is expected to remain the number one fuel in the global primary energy mix," the report said

Under a deal reached in July last year, the group is set to increase output targets by 432,000 bpd every month until the end of September, to unwind its remaining production cuts

The broader indices, however, outperformed the key benchmark indices. The BSE Midcap index ended flat, while Smallcap index was up 0.3 per cent

The Midcap and Smallcap indices also surged over a per cent each, and advancing shares outnumbered declining stocks in 2:1 ratio the BSE on Thursday

Oil prices stabilised on Tuesday after slumping around 7% in the previous session amid a broader market retreat led by concerns about a resurgence of Covid-19 infections

Abdul Jabbar said last month that Iraq would cut its oil production by an additional 400,000 bpd in August and September to compensate for its overproduction in the three previous months

The oil company will boost outpur capacity by 1 million barrels per day (bpd) to 13 million bpd despite spending cuts this year and next year

Crude stocks rose by 5.7 million barrels in the week to June 5 to 538.1 million barrels, according to a report from the USEnergy Information Administration.

OPEC+ had agreed to reduce output by 9.7 million barrels per day (bpd) for May and June to stem a slump in prices

The group, known as OPEC+, said it had agreed to reduce output by 9.7 million barrels per day (bpd) for May and June.

The OPEC nations have agreed to "a different limit reduction of about 23 per cent", said US President Donald Trump

Biggest oil exporter usually gives pricing on 5th of each month

OPEC and producer allies including Russia last year agreed to cut their output beginning on January 1 to avoid a supply glut

Saudi Arabia's planned output cut will leave production in March at its lowest in more than four years, while Russia's remains near its record high

Trump has accused Opec of driving gasoline prices higher and urged the group to do more