In its latest monthly report, the International Energy Agency (IEA) has predicted that the Global oil demand would rise strongly, setting the stage for OPEC and its allies (OPEC +) to begin undoing oil production cuts in the second half of this year. Additional comments: OECD crude oil stocks in December fell by 44.6 million […]
Tag: OPEC
OPEC + makes no recommendation on oil production levels after ministerial meeting – Reuters
The Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and its allies did not make a recommendation on oil production policy beyond what was decided at the January meeting, Reuters reported Wednesday, citing a statement and an OPEC source. “Oil stocks in the countries of the Organization for Economic Cooperation […]
OPEC cuts oil demand growth forecast for 2021 to 5.6 million barrels per day – Reuters
Citing an internal document from the Organization of the Petroleum Exporting Countries (OPEC), Reuters reported Tuesday that the organization lowered its forecast for oil demand growth to 5.6 million barrels per day (bpd) by 2021 from 5.9 million bpd in the January report. The OPEC + panel forecasts world oil demand at 97.9 million bpd […]
OPEC leaves the forecast for growth of world oil demand for 2021 unchanged at 5.9 million bpd
The Organization of the Petroleum Exporting Countries (OPEC) left unchanged its forecast for world oil demand growth in 2021 at 5.9 million barrels per day (bpd) in its latest monthly report, Reuters reported. The outlook for shale in the US is now a bit more optimistic with rising oil prices, Production is expected to recover […]
OPEC Oil Production Increases in December Driven by Higher Supply from Libya and UAE
Oil production of the Organization of the Petroleum Exporting Countries (OPEC) in December it rose 280,000 barrels per day (bpd) to 25.69 million, fueled by higher supply from Libya and the United Arab Emirate, a Reuters poll showed on Wednesday. “Compliance by OPEC states with OPEC + production cut promises was 99% in December, down […]
WTI retraces from highs above $ 50
WTI’s barrel reaches new highs above $ 50. Saudi Arabia said it will cut 1 million bpd over the next two months. Below is the EIA’s weekly report on US crude oil supplies. US Benchmark Barrel Prices for Light Sweet Crude they tested the levels last seen in February beyond the $ 50 psychological level […]
OPEC + studies a production cut of 500,000 bpd in February among other options
OPEC and its allies (OPEC +) are evaluating probable scenarios on their oil production policy for FebruaryReuters reports, citing an OPEC document dated January 4. The alliance is studying a production cut of 500,000 barrels per day (bpd) in February along with three other scenarios, which include maintaining production or a 500,000 bpd increase next […]
Oil demand in 2021 will increase by 5.90 million bpd from 6.25 million bpd previously
The Organization of the Petroleum Exporting Countries (OPEC) It expects global oil demand to grow by 5.9 million barrels per day (bpd) in 2021, compared with 6.25 million bpd in the previous forecast, the monthly report showed on Monday. Additional conclusions “Global oil demand in 2020 will fall by 9.77 million bpd (previous forecast of […]
WTI retraces from highs, hovers around $ 46.00 level
West Texas Intermediate barrel prices start the week on the defensive, although the correction found support near $ 45.40 until now. Donald WestbrookDonald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that […]
WTI falls back from 9-month highs near $ 47.00 by OPEC + headlines
WTI prices fade on the previous move past $ 46.00. OPEC + decided to halt ongoing production cuts by 500,000 barrels. The next note level emerges at the $ 50.00 per barrel mark. US benchmark prices for light sweet crude they advanced to new peaks in the region of $ 46.70 early in the session, […]
