Oil price slumps after Opec+ expands production

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The story "Oil price slumps after Opec+ expands production" was covered 2 days ago by Financial Times, a news publisher based in United States.

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Financial Times 2d ago

Oil price slumps after Opec+ expands production - Financial Times

Quick Summary:

Tensions within the cartel have grown, particularly with Kazakhstan, which has expanded output from its Chevron-led Tengiz field and indicated it would prioritise “national interests” over group quotas.

Saudi officials are now comfortable with bringing back supply even if it leads to a prolonged period of lower prices, according to people familiar with the kingdom’s thinking.

It is unclear why Saudi Arabia, which is struggling to balance its national budget because of weaker oil prices, has pivoted to the strategy, which is likely to lead to lower prices for the rest of this year.