Tag: JOINT ACTION

OPEC sees US shale output recovering further on oil rally

The outlook for US shale oil is slightly more “optimistic” due to rising prices and output will recover further in the second half of 2021, OPEC said, in a sign its policy of cutting output is helping rivals pump more

Saudi voluntary oil cut to help with low demand in first quarter

Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event

OPEC crude output cuts should help US shale profits in 2021

In top two U.S. shale fields, oil and gas companies are profitable in the $30 per barrel to low $40s per barrel range, according to data firm Rystad Energy. This year’s higher prices could push the shale group’s cash from operations up by 32%, Rystad said

Oil falls on renewed lockdowns, stronger dollar

Brent crude oil prices fell as much as $1 per barrel, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns across the globe, as well as a stronger U.S. dollar

Oil set for weekly gain on Saudi output cut pledge

Brent crude climbed 44 cents, or 0.8%, to $54.82 a barrel by 1007 GMT, the highest since late February, and U.S. West Texas Intermediate (WTI) gained 36 cents, or 0.7%, to $51.19, also its highest level since late February

Russian annual oil output falls for the first time since 2008 on OPEC+ deal

Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus, statistics showed

Saudi offers extra cut as OPEC+ agrees oil output rollover

The rest of OPEC+ will hold output steady, meaning the group’s overall cuts would amount to around 7.05 million bpd by March, excluding the planned voluntary additional cuts from Saudi Arabia

OPEC sees oil outlook for first half of 2021 full of downside risks

OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said, a day before meeting allies led by Russia to discuss output levels for February

Russia backs OPEC+ 500,000 bpd oil output hike from February

Russia expects to support an increase in oil production by the group, known as OPEC+, of another 500,000 barrels per day from February at next month’s summit of the leading global oil producers

IEA: Vaccine impact on moribund oil demand is several months away

The roll-out of vaccines this month to combat the coronavirus pandemic will not quickly reverse the destruction wrought on global oil demand, International Energy Agency (IEA) warned