On Sunday, OPEC + announced voluntary cuts in oil production that will amount to 1.657 million barrels per day (bpd). Saudi Arabia, Russia, Algeria, Gabon, Iraq, Kuwait, the UAE, Oman, and Kazakhstan are all planning on production cutbacks starting in May and are planned for the remainder of 2023. The announcement came as a surprise the day before OPEC members were scheduled to meet in Vienna.
Yesterday’s announcement comes on top of a previous production cutback of 2 million bpd in October 2022. At the time, Saudi Arabia explained the reason for the 2 million bpd cut as a response to stabilize oil prices against a weaker global economy and increasing interest rates in western countries that had implications for economic growth and...
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
Mediterranean/Middle East/North Africa/Africa – MEA Region Bangladesh has asked the USA for technical assistance to improve grain storage and strengthen quality testing of imported grains. Of major importance to Bangladesh is the “technology to improve grain preservation and grain s...
Tanker-tracking data shows a smaller recovery in oil flowing through the Strait of Hormuz than previously thought. Energy Secretary Chris Wright, speaking by video to an international energy conference in Riyadh, Saudi Arabia, said that oil moving through the strait was back to 80 to 90 percent...
