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: Crude prices extended declines on Monday, dropping below $60 for the first time in nearly three months as the death toll from China’s coronavirus rose and more businesses were forced to shut down, stoking expectations of slowing oil demand.
EghtesadOnline: Global oil demand is set to stay strong in the second half of 2018, an OPEC technical panel forecast this week, suggesting the market could absorb extra production from the group.
EghtesadOnline: Oil demand will grow at a “healthy pace” over the next five years as renewables show the fastest expansion of any type of energy, the head of the Organization of Petroleum Exporting Countries said.
EghtesadOnline: OPEC boosted estimates of demand for its crude this year and next amid stronger-than-expected fuel consumption and a weaker outlook for rival supply.
EghtesadOnline: The key sign of OPEC’s success may finally be here. Since the Organization of Petroleum Exporting Countries embarked on its strategy to clear a global glut, analysts from Goldman Sachs Group Inc. to Bank of America Corp. have said that one critical indicator would show the plan is working: the discount on immediate crude would turn into a premium. That condition known as backwardation signals demand is outpacing supply.
EghtesadOnline: Oil had its worst week in a month as compliance with OPEC’s deal falters and the outlook for demand worsens.
EghtesadOnline: Oil bulls grappling with OPEC’s weakened resolve to curb output are also having to worry about waning demand in the world’s biggest buyer of overseas crude.
EghtesadOnline: Oil prices were stable on Tuesday, supported by strong consumption but weighed by ongoing high supplies from producer club OPEC and also the United States.
EghtesadOnline: Oil prices dipped on Monday, weighed down by a continuing expansion in U.S. drilling that has helped to maintain high global supplies despite an OPEC-led initiative to cut production to tighten the market.