Tag: CORONAVIRUS

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

IEA sees oil demand recovery decelerating for rest of 2020

The Paris-based IEA cut its 2020 outlook by 200,000 barrels per day (bpd) to 91.7 million bpd in its second downgrade in as many months

OPEC sees steeper oil demand drop as virus remains challenging

World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and recover more slowly than expected next year, OPEC said, potentially making it harder for the group and its allies to support the market

Oil prices edge up off three-month lows; demand concerns persist

Oil futures clawed back some of the losses they sustained in the previous session, but a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand

IEA sees oil market stuck between no major slowdown but stalled recovery

Keisuke Sadamori, IEA director for energy markets and security, assured that the outlook for oil was in the midst of either a second wave or a steady first wave of the coronavirus

OPEC August oil output rises for second month as cut eased

OPEC oil output has risen by about 1 million barrels per day (bpd) in August as the group and allies eased record oil supply curbs as the global economy and demand began to recover from the coronavirus pandemic