The crude oil market is seeing rising concerns about the recovery of global demand amid another wave of the Coronavirus pandemic.<\/p>\n\n\n\n
A summit for the Organization of the Petroleum Exporting Countries (OPEC) and other major producers led by Russia, an alliance known as OPEC+ is discussing output policy for the coming month.<\/p>\n\n\n\n
Saudi Arabia has reportedly warned leading producers against raising production, noting that the new Coronavirus variant is worrying and unpredictable, the Financial Times reported.<\/p>\n\n\n\n
The kingdom has openly supported maintaining output curbs to help restore market balance amid the pandemic.<\/p>\n\n\n\n
According to Saudi officials, raising production imposes a risk on market recovery even if there could be small short-term gains.<\/p>\n\n\n\n
Meanwhile, Russia is thought to be a supporter of raising output to protect its market share, viewing the move as a step to accelerate and pave the way of production recovery to pre-crisis levels.<\/p>\n\n\n\n
Last month OPEC+ increased production by 500,000 barrels per day (b\/d), an increase that was well below the expected 2 million b\/d rise.<\/p>\n\n\n\n
The outlook for the first half (H1) of 2021 is very mixed, according to the Secretary-General of OPEC, Mohammed Sanusi Barkindo, who was quoted by Bloomberg as saying that \u201cthere are still many downside risks to juggle.\u201d<\/p>\n\n\n\n
Two forces are moving the market, which puts pressure on the OPEC+ alliance. On one hand, the rollout of vaccines is helping improve the demand outlook, while the new variant and the rising number of cases amid a new wave that prompted renewed lockdown measures are making for a more gloomy outlook.<\/p>\n","protected":false},"excerpt":{"rendered":"
The crude oil market is seeing rising concerns about the recovery of global demand amid another wave of the Coronavirus pandemic. A summit for the Organization of the Petroleum Exporting Countries (OPEC) and other major producers led by Russia, an alliance known as OPEC+ is discussing output policy for the coming month. Saudi Arabia has …<\/p>\n","protected":false},"author":10,"featured_media":32818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[6846],"class_list":["post-39372","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/39372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=39372"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/39372\/revisions"}],"predecessor-version":[{"id":39373,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/39372\/revisions\/39373"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32818"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=39372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=39372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=39372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}