Potential 2024 OPEC , Production Cuts Cause , Brief Spike in Oil Prices.<br />On December 5, oil prices briefly <br />spiked after Russia suggested <br />continued OPEC production cuts in 2024.<br />Markets Insider reports that Russian Deputy <br />Prime Minister Alexander Novak warned of more <br />potential production cuts through Q1 of next year. .<br />Markets Insider reports that Russian Deputy <br />Prime Minister Alexander Novak warned of more <br />potential production cuts through Q1 of next year. .<br />The warning to energy markets <br />caused both Brent crude and West Texas <br />Intermediate to initially rally around 1%.<br />However, oil prices turned lower <br />shortly after that initial climb, with both <br />Brent and WTI falling approximately 0.8%.<br />OPEC has already committed to <br />cutting production by 2.2 million <br />barrels per day through Q1 of 2024.<br />The news comes after OPEC slashed <br />production multiple times in 2023. .<br />Markets Insider reports that Saudi Arabia's energy <br />chief previously said the cuts were meant to boost<br />crude prices and smooth out volatility in the oil market. .<br />In September, Russia and Saudi Arabia took extra<br />steps to apply pressure to the oil supply, agreeing <br />to cut production by an additional 1.3 million barrels. .<br />That news briefly shot oil prices up to a 10-month <br />high, however, crude prices have fallen a total <br />of about 20% amid slowing global growth. .<br />Last week, Goldman Sachs strategists suggested <br />that supply disruptions in the Middle East could <br />drive oil prices back up to $100 a barrel in 2024.
