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.
EghtesadOnline: World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits.
EghtesadOnline: Crude oil future prices ticked higher during the mid-morning trade in Asia Friday, as the markets continued to price in a commitment from the OPEC to ensure that the members adhere to the mandated production cuts.
EghtesadOnline: It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the organization’s six decades as a dominant force in global oil markets.
EghtesadOnline: The United Arab Emirates, currently OPEC’s third-largest producer, is estimated to have exported a lot more crude oil in August as it produced more than its quota under the OPEC+ deal, undermining the oil market’s faith in the group’s unity in the cuts.