Tag: OIL DEMAND

OPEC+ working on compromise for 2021 oil policy

OPEC and Russia have moved closer to a compromise over oil supply policy for 2021 after talks earlier this week failed to yield a decision on how to tackle weak oil demand

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

OPEC+ panel to hold informal online talks on Saturday

A panel of OPEC+, a group of leading oil producing countries, will hold informal online talks on Saturday prior to meetings scheduled for next week

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

Pandemic, energy transition to hasten peak in global oil demand

The COVID-19 pandemic and a faster transition to renewable energy sources will have a permanent impact on global oil demand, Norway’s biggest independent energy consultancy Rystad predicted

BP swings back to profit, epidemic uncertainty weighs

BP swung back to a small profit in the third quarter but warned the pace of recovery from the pandemic remains uncertain and continued to weigh on fuel demand and refining profits

OPEC chief says rising infections may delay oil recovery

OPEC’s secretary-general said an oil market recovery may take longer than hoped as coronavirus infections rise around the world, and OPEC and its allies would “stay the course” in balancing the market

OPEC cuts 2021 oil demand forecast again as virus cases rise

World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said, adding to headwinds faced by the group and its allies in balancing the market

Pandemic could delay energy demand recovery to 2025

A slow economic recovery from the pandemic threatens to delay a full rebound in world energy demand to 2025, the International Energy Agency said