Organization of the Petroleum-Exporting Countries (OPEC)

Italy reports first Nigerian COVID-19 variant

The Nigerian variant of COVID-19 was isolated in Brescia north of Milan on Tuesday. "For the first time we have managed to isolate the virus bearing these mutations which concern us because they could confer resistance to COVID …

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OPEC sees positive oil market outlook

OPEC sees a generally positive oil market outlook with last year’s uncertainty easing, but downside risks caused by the pandemic persist, the group’s secretary general and its experts said. "We have come a long way from …

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IEA report: oil market recovery still fragile

The re-balancing of global oil markets remains “fragile” amid weaker estimates for demand and a recovery in supplies, the International Energy Agency said, Rigzone reports. The IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels a day as the pandemic continues to limit travel and economic activity. It boosted projections for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment

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OPEC+ countries expect deficit on oil market

The balance on the crude oil market will be shifted towards the supply shortage even if OPEC+ countries restore oil production in April - June, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) says in its conclusion after the February 3 …

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Oil prices extend rise ahead of storage data

Both benchmark oil contracts were close to their highest in about a year on Wednesday, boosted by a draw in U.S. crude and gasoline stocks, which fuelled demand recovery hopes as OPEC+ has forecast that the market will be in deficit in 2021. …

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Ann-Louise Hittle on how the oil market to play out in 2021

Oil prices have tripled in nine months. Brent averaged just US$18/bbl last April, as demand collapsed and the market was swamped with crude. As the effects of the pandemic unfolded, the mood turned increasingly bearish. Ann-Louise Hittle, Head of Macro Oils, was among those who saw light at the end of the tunnel, anticipating that it wouldn’t last and that oil prices would stage a strong recovery inside 12 months

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Oil slides amid Covid-19

Oil prices slipped from multi-month highs in volatile trade on Monday as U.S. stocks fell near 2% on concerns over the outcome of runoff elections in Georgia, CNBC writes in the article Oil slides as oil-producing group delays output decision. The oil market pared earlier losses after the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, could not decide on Monday whether or not to increase output in February and will meet again on Tuesday. Brent futures fell 50 cents, or 1.0%, to $51.30 a barrel, while U.S. West Texas Intermediate (WTI) settled 1.85%, or 90 cents, lower at $47.62 per barrel

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3 Reasons why oil could see an end of year rally

Crude oil futures have been edging higher over the past few weeks, defying the usual trend of profit-taking ahead of the Christmas holidays. WTI was trading as high as $49.20 on Friday's session with Brent crude quoted at $52.40, levels they last touched in February before the oil price crash, Oil Price writes in the article 3 Reasons Why Oil Could See An End Of Year Rally

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Why There’s Still Room For Oil To Go Higher

Crude oil prices are on the rise again after a short reversal of fortunes prompted by a huge crude oil inventory build reported by the U.S. EIA last week and renewed worry about demand. And the reason they are rising is, in fact, demand from …

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