The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10% of global supply, after the virus destroyed a third of global demand.
On Tuesday, OPEC said it saw demand recovering by 7 million bpd in 2021 after falling by 9 million this year. [OPEC/M]
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Oil prices drop on demand recovery fears, OPEC+ easing expectationsOil prices fell more than 2% on Tuesday on worries that new clampdowns on businesses to stem surging U.S. coronavirus cases could threaten fuel demand recovery and expectations that OPEC+ might ease output cuts from August in an upcoming meeting. That's a very nice sob story. Makes me miss the days of 'Peak Oil'. So what you’re saying is tar sands and fracking are going to collapse, oil executives will walk away with fat checks, and taxpayers will be left with the cleanup. Got it. Thanks 🤬🔥🔥🔥
Source: Reuters - 🏆 2. / 97 Read more »
OPEC chief sees oil market moving closer to balance before key meetingThe oil market is getting closer to balance as demand gradually rises, OPEC's secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August. If you are wondering why they lockdown at 100 cases and reopen at 10,000 cases and try to send your kids to school, look in this direction. Crooked manipulation oil guts are in Russia Saudi Arabia and America so how did that magically happen Impossible. Low oil prices are here to stay! People are working from home and not allowed to drive to their families and social events. OPEC must adapt to the new reality or die trying to remain stagnant!
Source: Reuters - 🏆 2. / 97 Read more »
Oil climbs after sharp drop in U.S. crude stocks; OPEC committee meeting in focusOil prices rose on Wednesday following a sharp drop in U.S. crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies. rocionahle Good thing injecting oil into our veins will cure us of COVID. Ifb
Source: Reuters - 🏆 2. / 97 Read more »
Oil demand will rebound sharply in 2021, surpassing pre-virus levels, OPEC saysDemand for OPEC-sourced crude oil will recover 25% in 2021 and surpass levels seen in 2019, the global coalition of producers said in a Tuesday ... Did they make this projection in a vacuum? Do they have windows? Or is it a letter to Santa Claus?
Source: BusinessInsider - 🏆 729. / 51 Read more »
OPEC sees record rise in global oil demand in 2021Global oil demand will soar by a record 7 million barrels per day in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report. The genocide of Uyghur Muslims is happening right now in China. Soaring? Or do you mean going back to normal demand if economies get back on tap? I believe that the era of OPEC is coming to a halt. The American Continents now got oil as well as ethenol, Russia can easily supply China and Europe says it´s going carbon free !, that will live OPEC to suffucated in their own worthless pool of oil !
Source: Reuters - 🏆 2. / 97 Read more »
Oil dips on demand fears as OPEC+ considers output increaseOil prices fell on Tuesday on worries that new restrictions to stem surging U.S. and Asian coronavirus cases could threaten a recovery in fuel demand just as OPEC+ producers prepare to increase output from August. Would think that over here. Petrol still high over here. Seems Australia is being roped off.
Source: Reuters - 🏆 2. / 97 Read more »