OPEC+ to discuss extending oil cuts or gradually raising output
OPEC+ members will consider whether to extend existing oil cuts for three to four months or to gradually increase output from January during their two days of talks
Tag: CORONAVIRUS
OPEC+ leaning towards oil cut extension, despite rally
OPEC and allies including Russia are leaning towards delaying next year’s planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices
Saudi Arabia and Russia in tight race to become China’s top oil supplier in 2020
China, the world’s top crude importer, is one of the few countries to have boosted purchases in 2020, as buyers made the most of low prices earlier this year, while fuel demand recovered from the second quarter along with the broader economy
China’s oil buying binge to run on in 2021 as refiners stock up
China’s commercial oil stockpiling sector, which emerged as a key swing buyer of crude as prices plunged earlier this year, is setting plans to grow again in 2021, supporting a further boost in imports
OPEC+ weighs oil cuts extension, sees weaker compliance
OPEC and allies including Russia are leaning towards postponement of a planned January increase to oil output by at least three months to support prices as the COVID-19 pandemic continues its second wave
OPEC expects coronavirus to curb oil demand recovery into 2021
Demand will rise by 6.25 million barrels per day (bpd) next year to 96.26 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report. The growth forecast is 300,000 bpd less than expected a month ago
Goldman cuts 2021 Brent forecast as virus surge creates temporary headwind
The U.S. bank cut its 2021 forecast for Brent to $55 per barrel from $59.4 per barrel previously and for the WTI price to $52.8 per barrel from $55.9 previously
IEA sees new European lockdowns denting oil demand outlook
Renewed lockdown measures in Europe aimed at containing a rise in COVID-19 cases appear set to push the outlook for global oil demand toward the downside, an official with the International Energy Agency said
Brent crude tops $40 as Biden’s win buoys risk-taking
Oil prices rose, with Brent topping $40 a barrel, after Joe Biden clinched the US presidency and buoyed risk appetite, offsetting worries about the impact on demand from the worsening coronavirus pandemic
OPEC and Russia studying deeper oil cuts to address weaker oil markets
The Organization of the Petroleum Exporting Countries and Russia are considering deeper oil output cuts early next year to try to strengthen the oil market, one OPEC source and one source familiar with Russian thinking said