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Oil resumes gains over rising demand, shelving of US oil reserve sale
- US has world's largest strategic reserves of approximately 714 million barrels stored in huge underground salt caverns at four sites
OPEC+ reaffirms existing production policy for November
- Next meeting of OPEC and non-OPEC members scheduled for Nov. 4
OPEC keeps 2021 global oil demand forecast unchanged, revises up for 2022
- Crude output rises mainly in Iraq, Saudi Arabia, but decreases in Nigeria, says OPEC
OPEC+ finally solves output rise impasse after settling disputes with UAE
- Group agrees to rise output by 400,000 from August onwards, approving UAE’s request to raise its production baseline
OPEC+ calls off meeting until further notice
- Division between OPEC+ members and United Arab Emirates over latter's demand for higher production level led meeting dissolve third time
OPEC+ postpones meeting for second time to continue on Monday
- Group was supposed to decide on their output quota as of August
OPEC forecasts 6% increase in global oil demand in 2021
- Crude output rises mainly in Saudi Arabia, Venezuela and Iran, but decreases in Nigeria and Angola, says OPEC
OPEC+ reaffirms prior decision to gradually ease output till July
- Next meeting of OPEC and non-OPEC members scheduled for July 1
Oil prices up over 3% for week ending April 30
- Positive oil demand forecasts help bullish oil prices while rising virus cases keeps demand fears fresh
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OPEC+ reiterates plan to raise oil output as of May 1
- Group will gradually increase production which will reach 5.8 billion bpd in July
Oil prices up by over 7% for week ending April 16
- Positive oil demand forecasts of OPEC, IEA and hefty drop in US crude stocks also help bullish oil prices
Oil prices up on estimated fall in US crude stocks
- Weaker dollar also exerts upward pressure on oil prices which are indexed to US dollar
Oil prices up due to positive market perception: Experts
-Markets welcome OPEC+ decision to gradually increase production as move perceived as ‘demand recovery’, not 'output rise’
OPEC+ agrees to gradually ease output from May to July
-Saudi Arabia's cuts will phase out by raising output by 250,000 bpd in May, 350,000 bpd in June and 400,000 bpd in July
2-month OPEC+ cuts rollover ‘best decision’: experts
- Any easing of cuts can weigh on prices especially if not matched by demand recovery, says Crystol Energy CEO Carole Nakhle
Global oil demand to increase 6.5% in 2021: OPEC
- Crude output rises mainly in Nigeria, Iraq, Iran, Venezuela and Libya but decreases in Saudi Arabia and Angola, says OPEC
OPEC+ meeting highlights Saudi's leadership
- Group, except for Russia and Kazakhstan, will continue production cuts for April
OPEC+ agrees to extend output cuts for another month
- New production scheme again includes output rise exemption for Russia and Kazakhstan
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Oil up as OPEC+ expected to keep output cuts unchanged
- Prices soar despite highest-ever increase in US crude oil inventories since 1982
Global oil demand to increase 6.41% in 2021: OPEC
- Crude output increases mainly in Saudi Arabia, Venezuela and Iran but decreases in Libya, Nigeria and Iraq, says OPEC
Brent oil price up 7.4% for week ending Feb. 5
- Decline in US crude oil inventories and first-time claims for unemployment benefits offer support for rising oil prices
Global oil demand to increase 6.56% in 2021: OPEC
- Crude output increased mainly in Libya, Iraq, and the UAE while output decreased in Nigeria, Congo and Angola, says OPEC
Saudis unilaterally cuts 1M bpd to solve OPEC+ tie
- Group agrees to cut production by 925,000 bpd in February and 850,000 bpd in March from rate of January
Global oil demand to increase 6.6% in 2021: OPEC
- Transportation and industrial sectors are projected to lead oil demand growth in 2021, says OPEC
OPEC+ fails to address states exempted from output cut
-OPEC+ meetings were tough as usual due to deep splits between member countries which prefer higher production levels: Expert
OPEC+ agrees on incremental oil output increase
- Oil producing states to add 500,000 barrels per day in January, and to meet monthly to decide following month’s increase
OPEC+ reiterates full commitment to output cut deal
- OPEC+ countries compensate 249,000 barrels per day in total to make up for previously overproduced volumes, committee says