EghtesadOnline: Oil prices fell on Friday, heading for their biggest weekly drop since at least May as expectations of more supplies spooked investors, with OPEC likely to add output to meet a potential revival in demand as more countries recover from the pandemic.
EghtesadOnline: The OPEC+ group of producers’ compliance with the oil output cuts in January hit 103%, higher than the estimated compliance in December.
EghtesadOnline: OPEC boosted crude production as planned last month, but the increase was tempered by disruptions at long-troubled member nations.
EghtesadOnline: The OPEC+ decision Dec. 3 to ease its output cut by an initial 500,000 bpd in January is unlikely to unbalance oil markets amid hopes for oil demand recovery from the early introduction of coronavirus vaccines, Petroleum Association of Japan President Tsutomu Sugimori said.
EghtesadOnline: As the OPEC+ group’s decision on oil production cuts nears, there are renewed concerns about the future of the organization as it tries to rebalance the market while securing higher revenue and market share in the medium-term, Goldman Sachs, an American multinational investment bank and financial services company headquartered in New York City, said in a note.
EghtesadOnline: OPEC and its allies have revised oil demand scenarios for 2021 with demand seen weaker than previously anticipated, a confidential document seen by Reuters shows, supporting the case for a tighter supply policy next year.
EghtesadOnline: Oil prices climbed on Monday, recouping some losses from the previous session as hopes that OPEC+ will hold current output curbs offset concerns over weaker fuel demand due to growing coronavirus infections and higher production in Libya.
EghtesadOnline: Key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Joe Biden as US president, sources close to the organization said, and would miss the outgoing president, Donald Trump, who went from criticizing the group to helping bring about a record oil output cut.
EghtesadOnline: OPEC’s secretary general said an oil market recovery may take longer than hoped as coronavirus inflections rise around the world, and OPEC and its allies would “stay the course” in balancing the market.
EghtesadOnline: OPEC and allied producers have pledged action to support the oil market as concerns mounted that a second wave of the Covid-19 pandemic will hobble demand and an earlier plan to raise output from next year would further depress prices.