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OPEC+ has postponed the revival of its oil production by three months, marking the third delay amid concerns over a potential surplus and struggling crude prices. The group, led by Saudi Arabia and Russia, will now begin increasing supply in April, starting with a hike of 180,000 barrels a day, but at a slower pace than initially planned.
Officials from Iraq, Russia, and Saudi Arabia convened in Baghdad to discuss energy markets ahead of the OPEC+ meeting. Iraqi Prime Minister Mohammed Shia Al-Sudani met with Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman to address key issues impacting the alliance.
Moldova's energy minister engaged in discussions with Gazprom's head regarding alternative gas supply routes for the breakaway region of Transdniestria. This conversation comes amid concerns over potential disruptions in gas transit through Ukraine.
Austria"s reliance on Russian gas has ended abruptly as Gazprom ceased supplies, a significant shift for the nation that previously sourced 86% of its gas from Russia. However, the country was prepared, having filled storage facilities and identified alternative suppliers, including its own production in Norway. The market price remains stable despite the disruption.
Austria's Chancellor Karl Nehammer announced that Gazprom will cut off gas supplies to the country this weekend, but assured citizens of a secure alternative fuel supply, stating, “no one will freeze this winter.” The decision follows OMV's refusal to pay for gas to offset a €230 million arbitration award. Despite the cutoff, gas is still being sent to Europe via Ukraine at normal levels, while Austria seeks to reduce its heavy reliance on Russian gas, which peaked at 98% last December.
Gazprom has halted natural gas deliveries to Austria’s OMV AG, cutting off one of its longest partners as scheduled. This decision follows OMV's announcement to cease payments to Gazprom in order to recover a €230 million arbitration award. Despite this, gas flows to Europe via Ukraine remain steady.
Russia will suspend gas deliveries to Austria starting Saturday, marking the end of its last significant gas flows to Europe via Ukraine. This decision follows a contractual dispute between Gazprom and Austria's OMV, with Austria prepared for the cut-off, ensuring sufficient gas storage for winter. The move reflects Russia's diminishing role in European energy supplies, as countries seek alternative sources amid ongoing geopolitical tensions.
European Commission President Ursula von der Leyen proposed increasing imports of liquefied natural gas (LNG) from the United States to reduce the EU's reliance on Russian supplies. This discussion took place during a recent phone call with US President-elect Donald Trump.
OPEC+ has decided to delay its planned December production increase by one month, marking the second postponement as oil prices remain under pressure amid a weak economic outlook. The coalition, led by Saudi Arabia and Russia, will maintain supply constraints instead of adding 180,000 barrels per day as initially intended.
OPEC and its allies are unlikely to increase oil production this year, as they are benefiting significantly from refined products. Rystad Energy's Mukesh Sahdev indicated that the group, led by Saudi Arabia and Russia, aims to maintain global oil prices between $75 and $80 per barrel by continuing to limit output.
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