Tag Archives: OPEC+

The latest decision by OPEC+ Tuesday to stick to its planned increase in oil output for February largely reflects easing concern of a big surplus in the first quarter of 2022, as well as a wish to provide consistent guidance to the market.The producer group, which comprises of the Organization …

OPEC lowered its forecast for the excess supply of oil in global crude markets during the current quarter, a day before the group’s meeting scheduled for tomorrow, Tuesday. And according to internal research conducted by the group and its allies on Monday and reported by the “Bloomberg” agency, the oil …

OPEC and allies will have their twenty fourth meeting Tuesday to proceed with their plan to increase production by 400,000 barrels per month in January; the move was agreed to in December aiming at stabilizing the rising oil prices caused by low supply and global supply remains low. This may …

Three sources from the OPEC + group said that the alliance is closer to committing to its plans to increase production in February, with a slight and short-term impact on demand from the Coronavirus, Omicron is likely. In a technical report seen by Reuters on Sunday, OPEC+ downplayed Omicron’s impact …

US Vice President Kamala Harris defended the Build Back Better (BBB) stimulus plan during an interview on CBS’ “Face The Nation” TV show. Harris stressed inflation and coronavirus as major concerns and top priorities in 2022. “The United States must address the rising cost of consumer goods”, she added.Risk sentiment …

According to sources speaking with Reuters, OPEC and allies would likely stick to existing oil production policy at the upcoming 4 January 2022 meeting.This would mean hiking output by 400,000 barrels per day starting next February. The sources cited an easing of concerns about the impact that the spread of …

WTI trades above USD 76.00, supported as Omicron pessimism is in focus during Tuesday’s US session and amid supply outages.WTI only trades about USD 2.0 below pre-Omicron levels above USD 78.00, suggesting fears of economic disruption have generally been assessed.Oil prices have trimmed earlier gains with front-month WTI futures currently …

WTI crude futures jumped around 4% to above USD 71 per barrel on Tuesday, after falling more than 5% in the previous two sessions as traders reassessed the demand outlook amid rising Covid cases globally and fresh lockdowns in some countries. British Prime Minister Boris Johnson said he would tighten …

A report indicated that the compliance of “OPEC+” with the agreement to cut production in November amounted to 117%, which is a level higher than the 116% recorded in the previous October. These data indicate that the Group’s production levels are still below the agreed targets. The sources also told …

Oil prices fell more than 2% on Monday, as rising omicron infections from the coronavirus in Europe and the United States fueled investor fears that new business restrictions to combat its spread could slash fuel demand. Brent crude futures fell $1.92, or 2.6 percent, to $71.60 a barrel by 0436 …