Tag: CORONAVIRUS

Russia’s Novak says premature to talk about OPEC+ plans beyond 2020

Russia’s energy minister said it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to reduce the output restrictions should proceed

Barkindo: OPEC+ will ensure oil prices do not plunge again

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said, adding that demand has been recovering more slowly than expected

OPEC cuts 2021 oil demand forecast again as virus cases rise

World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said, adding to headwinds faced by the group and its allies in balancing the market

Pandemic could delay energy demand recovery to 2025

A slow economic recovery from the pandemic threatens to delay a full rebound in world energy demand to 2025, the International Energy Agency said

OPEC says oil demand to plateau in late 2030s

World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits

Libya’s oil output rises to 270,000 bpd as exports ramp up

Libya’s oil output has risen to 270,000 barrels per day (bpd) as the OPEC member ramps up exports following the easing of a blockade by eastern forces

Oil traders doubt OPEC will boost output as planned in 2021

OPEC is unlikely to increase oil output as planned from January next year as it could mean adding more downside pressure to the already bearish and weak market, top traders said

OPEC watching Libyan oil restart closely

OPEC and its allies are watching efforts to resume oil output in Libya very closely, OPEC sources said, although producers should wait to see if there is a sustainable restart before reacting

Barclays raises 2020 oil price outlook

The bank raised its 2020 Brent and US West Texas Intermediate (WTI) price forecasts by $2 to $43 per barrel and $39, respectively. For 2021, the bank expects Brent and WTI prices to average $53 and $50 per barrel, respectively.

OPEC+ panel to meet amid oil price decline

OPEC and allies, led by Russia, are scheduled to hold an online meeting to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook