Leading oil producing nations confirmed on Sunday that they would remain cautious on their outlook after the U.S.’ raid in Venezuela, saying they wouldn’t make any drastic changes to production levels.<\/p>\n
Eight members of the Organization of the Petroleum Exporting Countries said they met virtually on Sunday to review global market conditions and reaffirmed an earlier decision to pause production increases in February and March. They cited seasonality, as they did in November, when they first announced plans to pause production increases in the first quarter.<\/p>\n
The group includes Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.<\/p>\n
They said they would “continue to closely monitor and assess market conditions” as they work to support market stability. They also said they want to adopt a “cautious approach” with full flexibility to shift production. Their next meeting is Feb. 1.<\/p>\n
Jefferies analysts cautioned about any immediate action in oil prices because of the Venezuelan situation, noting that the country represents less than 1% of global production. “Any meaningful supply increase will be gradual, require political stability, lifting of US sanctions and external investment but would add to a market where [the] oil price has averaged down for three years,” they said in a note on Sunday.<\/p>\n","protected":false},"excerpt":{"rendered":"Leading oil producing nations confirmed on Sunday that they would remain cautious on their outlook after the U.S.’…\n","protected":false},"author":2,"featured_media":220716,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,184,85,46],"class_list":{"0":"post-220715","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-il","11":"tag-israel"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/220715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=220715"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/220715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/220716"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=220715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=220715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=220715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}