Tag: JOINT ACTION

Oil drops on dollar strength and OPEC+ supply expectations

Oil prices fell as bond price rout led to gains in the U.S. dollar while crude supply is expected to rise in response to prices climbing above pre-pandemic levels

OPEC, US oil firms expect subdued shale rebound even as crude prices rise

OPEC this month cut its 2021 forecast for U.S. tight crude, another term for shale, and expects production to decline by 140,000 barrels per day to 7.16 million bpd

OPEC chief optimistic about 2021 recovery but uncertainty remains

OPEC’s secretary general said there were grounds for optimism that 2021 would be a year of recovery after the slump in oil prices and demand caused by the pandemic

Oil price rally points to more OPEC+ easing from April

OPEC+ oil producers are likely to ease curbs on supply after April given a recovery in prices, OPEC+ sources said, although any increase in output will be modest as producers are wary of fresh setbacks in the battle against the pandemic

OPEC again cuts 2021 oil demand view, sees second half pickup

Demand will rise by 5.79 million barrels per day (bpd) this year to 96.05 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report

Oil in longest rally in two years as vaccines boost demand hopes

Oil rose, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand

OPEC+ maintains oil policy amid price rally

OPEC+ maintained its oil output policy as the price of crude hit its highest in almost a year, a sign that deep supply cuts are draining inventories despite an uncertain outlook for demand recovery

OPEC+ sees oil market deficit despite weaker demand

OPEC+ expects deep output cuts will keep the global oil market in deficit throughout the year, even though the producer group has revised down 2021 demand growth

OPEC+ Jan compliance with oil cuts reaches 85%

OPEC+ compliance with pledged oil output curbs is averaging 85% so far in January, tanker tracker Petro-Logistics said, suggesting the group had improved its adherence to pledged supply curbs

OPEC+ compliance with oil cuts at 99% in December

OPEC+ compliance with oil production cuts in December reached 99%, two sources from the producer group told Reuters. The figure is slightly below November’s 101%