{"id":1469775,"date":"2024-06-06T14:10:01","date_gmt":"2024-06-06T18:10:01","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1469775"},"modified":"2024-06-06T14:10:01","modified_gmt":"2024-06-06T18:10:01","slug":"key-opec-ministers-dismiss-bearish-market-reaction-to-output-plans","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/key-opec-ministers-dismiss-bearish-market-reaction-to-output-plans\/1469775\/","title":{"rendered":"Key OPEC+ Ministers Dismiss Bearish Market Reaction To Output Plans"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">Key OPEC+ Ministers Dismiss Bearish Market Reaction To Output Plans<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p><em>By Tsvetana Paraskova of <a href=\"https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/Key-OPEC-Ministers-Dismiss-Bearish-Market-Reaction-to-Output-Plans.html\">OilPrice.com<\/a><\/em><\/p>\n<p><em><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/opec%20teaser%206.jpg?itok=ygWWWYpA\"><\/a><\/em><\/p>\n<p>The energy ministers of heavyweight OPEC+ producers dismissed the bearish market reaction to the group\u2019s latest oil production plan, saying that market participants and analysts will realize soon that the alliance did the right thing in communicating its intentions.<\/p>\n<p>While\u00a0<a href=\"https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/OPEC-Extends-Oil-Cuts-Until-the-End-of-2025.html\" target=\"_blank\" rel=\"noopener\">OPEC+ extended<\/a>\u00a0this weekend most oil output reductions into 2025, it said it could begin unwinding some voluntary cuts after the end of the third quarter of 2024\u2014subject to market conditions.<\/p>\n<p>Most analysts see the OPEC+ alliance\u2019s announcement as bearish for oil prices toward the end of the year because of the plan to begin unwinding some of the cuts. Most analysts don&#8217;t think there would be market conditions for the group to begin gradually adding supply in the fourth quarter of 2024.<\/p>\n<p>Saudi Energy Minister, Prince Abdulaziz bin Salman,\u00a0<a href=\"https:\/\/finance.yahoo.com\/news\/opec-ministers-reject-bearish-reaction-080321971.html\" target=\"_blank\" rel=\"noopener\">criticized<\/a>\u00a0some analyst comments on the deal and said at an event in Russia on Thursday that the market would soon realize that OPEC+ did \u201cthe right thing,\u201d Bloomberg reported.<\/p>\n<p>At the ongoing St Petersburg International Economic Forum, Russia\u2019s Deputy Prime Minister Alexander Novak also said that OPEC+ did the right thing and aimed to quash doubts about the effectiveness of the deal.<\/p>\n<p>\u201cOPEC\u2019s decision this weekend is positive for the oil market and helps stabilize it,\u201d Novak\u00a0<a href=\"https:\/\/tass.ru\/ekonomika\/21012061\" target=\"_blank\" rel=\"noopener\">said<\/a>, as carried by Russia\u2019s TASS news agency.<\/p>\n<p>The decisions create certainty for energy markets for the coming quarter and the coming year, Novak added.<\/p>\n<p>The Russian official reiterated the OPEC+ and Saudi statements that a potential easing of some of the cuts could always be paused or reversed and that the alliance has the opportunity to quickly respond to the market situation. \u00a0<\/p>\n<p>\u201cSometimes the market doesn\u2019t understand decisions. It takes time to analyze,\u201d Suhail Al Mazrouei, Energy Minister of the United Arab Emirates (UAE), said at the forum, as quoted by Bloomberg and TASS.<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" class=\"username\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Thu, 06\/06\/2024 &#8211; 10:10<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/energy\/key-opec-ministers-dismiss-bearish-market-reaction-output-plans\" target=\"_blank\" class=\"\" rel=\"noopener\">https:\/\/www.zerohedge.com\/energy\/key-opec-ministers-dismiss-bearish-market-reaction-output-plans<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key OPEC+ Ministers Dismiss Bearish Market Reaction To Output Plans By Tsvetana Paraskova of OilPrice.com The energy ministers of heavyweight OPEC+ producers dismissed the bearish&#8230;<\/p>\n","protected":false},"author":0,"featured_media":1469776,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1469775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1469775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1469775"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1469775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1469776"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1469775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1469775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1469775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}