Page 6 - Opec Output

Oil prices decline with OPEC+ warning of precarious market outlook

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, speaking at the coalition's committee meeting on Monday, called on the group to be proactive in the face of uncertain demand

Oil dips on prolonged second wave of Covid-19, fears of more supply

Brent crude futures fell 23 cents to settle at $42.93 a barrel, and US West Texas Intermediate (WTI) crude futures dropped 8 cents to settle at $40.88 a barrel

OPEC+ will ensure oil prices do not plunge again: Mohammad Barkindo

"We have to be realistic that this recovery is not picking up pace at the rate that we expected earlier in the year," he said. "Demand itself is still looking anaemic."

OPEC+ oil output boost to leave market in precarious balance, IEA says

At the same time, markets are set to receive fresh supplies in January as OPEC and its partners relax some of the measures they've taken to prevent a glut

60 years of OPEC: Is the cartel's power over the oil market broken?

The main reason OPEC was able to wrest this control in 1973 was that in 1970, crude oil production in Texas started to fall

Covid-19: Opec sees weaker outlook as demand falters, shale recovers

Oil prices slipped further below $40 a barrel in London on Monday, close to their lowest in more than two months

Fully committed to OPEC+ oil cuts, not seeking any exemptions, says Iraq

Earlier on Wednesday, Oil Minister Ihsan Abdul Jabbar was quoted as saying that he has spoken about the exemption to key OPEC oil ministers in three separate meetings

Oil rises on China's plan to boost US crude imports, OPEC+ compliance

Firmer stock markets and a weaker dollar were also lending support, said Commerzbank analyst Eugen Weinberg

OPEC trims oil demand in 2020; recovery doubtful in 2021 on Covid-19

World oil demand will fall by 9.06 million barrels per day (bpd) this year, the Organization of the Petroleum Exporting Countries said in a monthly report

Saudi Aramco to go ahead with plans to boost oil output capacity, says CEO

The oil company will boost outpur capacity by 1 million barrels per day (bpd) to 13 million bpd despite spending cuts this year and next year

Oil prices fall after OPEC raises crude output as US Covid-19 cases surge

Both benchmarks rose 2% on Wednesday following a sharp drawdown in US crude inventories

Crude oil prices ease after Opec+ agrees to relax output curbs next month

Futures in New York dropped below $41 a barrel, though the more global Brent benchmark's structure firmed on signs of tightness in physical markets.

Oil prices steady as economic data overshadows coronavirus worries

Brent crude futures settled at $43.08 a barrel, down 2 cents in the session. US West Texas Intermediate settled down 1 cent at $40.62 a barrel.

Opec cuts output to lowest since 1991 as coronavirus slams oil demand

The Organization of Petroleum Exporting Countries cut production by 1.93 million barrels a day to 22.69 million a day last month, according to the survey.

OPEC, Russia seen easing oil production cuts from August: Report

OPEC+ have agreed to cut production by a record 9.7 million barrels per day

Oil slides below $41 a barrel as US inventory rise revives glut worries

Crude stocks rose by 5.7 million barrels in the week to June 5 to 538.1 million barrels, according to a report from the USEnergy Information Administration.

Brent is likely to find support in June in the range of $35-40/barrel

The speed at which the oil market rebounded to $40 per barrel has certainly grabbed attention, but it needs to walk before it can run

Oil falls over 3% despite OPEC+ cuts as Gulf ends voluntary curbs

The group, known as OPEC+, agreed on Saturday to sustain those cuts, equal to about 10% of global supply, through July

OPEC, Russia to extend record oil cuts until end of July: Draft deal

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis.

Opec, Russia meet to extend record oil supply cuts, push for compliance

An extension to cuts was contingent on high compliance, three Opec sources told Reuters