OPEC+ raises oil output by 0.4m b/d, as expected
BP
379.25p
16:40 14/11/24
2.49%
9.20p
The Organisation of Petroleum Exporting Countries and its main allies went ahead and raised their combined output target as planned.
FTSE 100
8,071.19
16:49 14/11/24
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FTSE 350
4,459.02
16:38 14/11/24
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FTSE All-Share
4,417.25
16:54 14/11/24
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Oil & Gas Producers
7,938.55
16:38 14/11/24
0.88%
69.09
Shell 'B'
1,894.60p
17:05 28/01/22
-1.24%
-23.80p
In their videoconference, OPEC+ countries' energy ministers said the cartel's production would rise by 400,000 barrels per day in February, as per the strategy that they outlined in mid-2021.
Their decision, they said, was based on current oil market fundamentals and the consensus on the outlook.
The next OPEC+ ministerial meeting was scheduled for 2 February.
As of 1433 GMT, front month Brent crude oil futures were advancing by 0.62% to $79.51 a barrel on the ICE.