As India’s backstep coincides with OPEC+ bringing back much of its curtailed oil output, the demand loss from one of the world’s largest oil consumers will result in a global oil liquids supply surplus of 0.9 million bpd in April
OPEC
Posted inDRILLING & PRODUCTION
Oil rises on expectations for an uptick in demand later in 2021
Oil prices rose on Wednesday as traders priced in forecasts that demand will increase later this year, feeding a bullish market reaction
Posted inDRILLING & PRODUCTION
Analysis: OPEC+ scales back production cuts, is it too early?
While demand is expected to grow over the summer, the decision by OPEC+ could have been influenced by other motives
Posted inDRILLING & PRODUCTION
OPEC+ faces tricky balancing act: Woodmac
OPEC+ has difficult choices to make when it meets later today
Posted inDRILLING & PRODUCTION
Oil rises on OPEC+ meeting expectations
Oil prices rose on Thursday as the market expects the OPEC+ alliance to maintain current production levels and not bring back any of its curtailed output due to the lagging oil demand recovery
Posted inDRILLING & PRODUCTION
Oil gains on bullish expectations for the coming OPEC+ meeting
Oil prices rose on Wednesday as the market expects OPEC+ to keep a conservative output policy in the following day’s meeting, due to the speed lag of the oil demand recovery
Posted inDRILLING & PRODUCTION
OPEC Fund extends $50 million for poverty reduction in Tanzania
Phase four will build infrastructure for education, health, water, agriculture and transportation, and create income-generating activities
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Oil to recover 60% of demand lost due to pandemic: IEA
The IEA expects global oil demand to recover in the second quarter of 2021, but challenges remain
Posted inDRILLING & PRODUCTION
Oil rises on US storage draw and stimulus hopes, OPEC+ forecasts
Oil prices rose on Wednesday as traders priced in crude inventory draws in the US, a Democrat push for a stimulus package in the US, and OPEC+ forecasts for supply deficits this year.
Posted inDRILLING & PRODUCTION
Oil rises on US storage, the start of the deeper Saudi output cuts and confidence for OPEC+ compliance
Oil prices are rising on the first day of February, matching anticipation for Saudi Arabia’s additional output cuts. The rise is also assisted by declining US crude storages and hopes that OPEC+ compliance is solid