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Bullboard - Stock Discussion Forum Veren Inc T.VRN

Alternate Symbol(s):  VRN

Veren Inc. is a Canada-based oil producer with assets in central Alberta and southeast and southwest Saskatchewan. The principal activities of the Company are acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries. Its core operational areas include Kaybob Duvernay and Alberta... see more

TSX:VRN - Post Discussion

Veren Inc > OPEC+
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Post by retiredcf on Nov 27, 2023 1:00pm

OPEC+

OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers, an OPEC+ source said on Monday.

Several analysts have said they expect OPEC+ to extend or even deepen supply cuts into next year in order to support prices, which on Monday were trading just above $80 a barrel, down from near $98 in late September.

An OPEC+ source said he expected there to be an option for a “collective further reduction” on Thursday, without providing details. OPEC+ sources earlier this month said the group was set to consider additional cuts.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, will begin its online meetings to decide oil output levels at 1300 GMT on Thursday, according to a draft agenda seen by Reuters on Monday.

The meeting was delayed from Nov. 26. OPEC+ sources said this was because of a disagreement over output levels for African producers, although sources have since said the group has moved closer to a compromise on this point.

OPEC member Kuwait is committed to any decisions issued by OPEC, especially those that concern market quotas and oil production, the country’s oil ministry said in a post on social media platform X.

On Thursday at 1300 GMT, ministers on an advisory panel called the Joint Ministerial Monitoring Committee hold talks. This will be followed at 1400 GMT by a meeting of the full policy-making group of OPEC+ ministers, the agenda showed.

Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5 million barrels per day (bpd), or about 5 per cent of daily global demand, in a series of steps that started in late 2022.

This includes Saudi Arabia’s additional voluntary production cut of 1 million bpd which is due to expire at the end of December, and a Russian export cut of 300,000 bpd also until the end of the year.

Comment by liljohnnyjoke on Nov 27, 2023 2:45pm
everyone feels like they will announce continuation of current cuts but do nothing to enforce it OPEC cut 1Mbbls/d 2023, non OPEC increased production by 1.5Mbbls/d in 2023, net 500kbbls/d, stealing market share from OPEC, while OPEC cuts and keeps oil price high for competition, they gotta love that
Comment by Marty47 on Nov 27, 2023 3:17pm
What's the point for non opec to increase production and the oil go down by 10$ , they have to spend more to produce more and the price go down , I just don't get it , and if oil go to 60$ everybody loose , unless USA enforce Iran sanctions  before they produce a nuclear bomb , usa should slow down before opec get pi..... and flod the market 
Comment by TheBridge on Nov 27, 2023 9:10pm
Or the two countries that currently don't want to participate in the cuts will have the Saudis do the math for them which should lead to cut production to the point that they'll still recieve the same amount of funds for less production as the price goes up.
Comment by Marty47 on Nov 27, 2023 9:25pm
I did read a bit more why Saudi will cut production ,  1st the non opec always run maximum production ,they don't have spare capacity  2- opec together control 40% of wold oil production as long they stay at 40% they cut production if price too low , if non opec production slow down and price go too much opec then produce more to lower price . 3 also opec need to manage geopolitical ...more