Tag: CORONAVIRUS

OPEC told to expect limited U.S. oil output growth, for now

OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, giving it more power to manage the market in the short term

Brace for huge oil volatility, U.S. trading group says

Oil prices are likely to be extremely volatile in the next few years, driven by supply constraints rather than demand as financing for new production evaporates in favour of renewables, U.S.-based Castleton Commodities International said

OPEC+ complies with 115% of agreed oil curbs in May

OPEC and its allies maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect

Despite uncertainties, OPEC sticks to forecast of oil demand surge in second half

In a monthly report, the Organization of the Petroleum Exporting Countries said demand would rise by 6.6% or 5.95 million barrels per day (bpd) this year. The forecast was unchanged for a second consecutive month

Russia’s Sechin warns of ‘acute’ oil shortage amid drive for green energy

Igor Sechin, the head of Russian oil major Rosneft, said the world was facing an acute oil shortage in the long-term due to underinvestment amid a drive for alternative energy, while demand for oil continued to rise

Oil steady after sharp rise on improved demand picture

Oil prices were little changed after strong gains in the previous two sessions on expectations for surging fuel demand later this year while major producers maintain supply discipline

OPEC+ sticks to plans to ease oil cuts

OPEC+ agreed to stick to the existing pace of gradually easing oil supply curbs, two OPEC+ sources said, as producers balanced expectations of a recovery in demand against a possible increase in Iranian supply

Goldman sees oil hitting $80 despite likely return of Iran supply

Goldman Sachs said it expects oil prices to climb to $80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand even with a possible resumption in Iranian supply

Russia’s Novak sees global oil deficit despite rising COVID-19 cases

Russian Deputy Prime Minister Alexander Novak said there was an oil deficit on the global market even though some countries were recording a growing number of COVID-19 cases

OPEC pins oil demand hopes on second-half recovery as India dents Q2

In a monthly report, the Organization of the Petroleum Exporting Countries said demand will rise by 5.95 million barrels per day (bpd) this year, or 6.6%. The forecast was unchanged from last month