After their meeting on Monday, the Joint Technical Committee (JTC) from OPEC + has decided to keep the growth forecast for world oil demand unchanged, reported Reuters on Monday, citing two sources familiar with the matter. Reuters further noted that the JTC has raised concerns about the possible negative impact of increased coronavirus cases in […]
Tag: OPEC
WTI cuts intraday losses to levels below $ 61.00, loses 1% on the day
Renewed nervousness over COVID-19 fueled demand concerns and weighed heavily on oil prices. A modest rally in the USD from multi-week lows contributed to the intraday selling bias. The commodity managed to find support near the area of $ 60.60, the lowest of last week. Crude oil WTI it trimmed a portion of its intraday […]
OPEC Raises World Oil Demand Growth Forecast for 2021 to 5.95 million bpd from 5.89 mbpd
In your last monthly report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth in 2021 to 5.95 million barrels per day (bpd) from 5.89 million (bpd) in the previous report. Featured statements “There have been considerable reductions in global inventories since mid-2020 and they are expected to […]
WTI ends the week almost 1% higher and remains above $ 61.00 after OPEC + production policy
WTI recovers almost 4% on Thursday after the OPEC + meeting. OPEC + agreed to a gradual increase in oil production in May and June. The severe outlook on global oil demand from OPEC + limits gains. The WTI (NYMEX futures) experienced a volatile week before the oil production policy decision of OPEC and its […]
We must maintain a cautious stance – Prince Abdulaziz
While speaking in the 15th Ministerial Meeting of OPEC and non-OPEC, Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, reiterated that the recovery in the oil market is far from complete, as reported Reuters. “We must maintain the cautious stance,” added the Minister that they will continue with the flexible approach that best serves them. […]
A possible bearish flag points to further declines, focus is on OPEC + meeting
WTI is in a bearish consolidation and more declines are likely on the table. US oil is on the verge of breaking out of a bearish flag on the 1 hour chart. Waiting for the outcome of the OPEC + meeting for a new impetus. WTI (NYMEX futures) is seeing sharp declines around the 59.50 […]
Kuwait’s Oil Minister is cautiously optimistic that global oil demand will improve
Kuwaiti Oil Minister Mohammad Abdulatif Al-Fares said on Wednesday that it remains cautiously optimistic about the recovery in global oil demand amid covid vaccination campaigns and improvement in industrial production worldwide, as cited by the state news agency KUNA. Additional comments: “Ask OPEC + to fully comply with oil production cuts“. “The balance between supply […]
Brent oil will fall back to $ 70 by the end of 2021 after hitting a high of $ 80
Capital Economics strategists expect the price of Brent reaches a peak in the third quarter around $ 80 per barrel, before falling back in the fourth quarter and throughout 2022 when supply recovers.. Key Comments: “Oil supply will remain limited for some time. The renewal of current OPEC + production cuts and the fact that […]
OPEC + will try to avoid sharp price fluctuations – Sergey Lavror
The current oil price roughly reflects the balance between producers and consumers, Russian Foreign Minister Sergey Lavrov said on Wednesday, Reuters reported citing the Interfax news agency. The official added that the Organization of Petroleum Exporting Countries and its allies will try ensure that there are no sudden variations in the price of oil. He […]
OPEC + agrees to keep April output flat – Reuters
OPEC + Producers agreed to keep oil production flat in April, reported Reuters on Thursday, citing two sources familiar with the matter. “Russia and Kazakhstan will be allowed a modest increase in oil production in April,” the sources revealed, adding that OPEC + will do so again in April to decide production levels for May […]