Page 11 - Opec Output

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

The oil glut

The crash in futures may not benefit India

MCX creates history of sorts, settles April crude oil contract in negative

Chances of huge defaults by investors, many of whom are retail traders gone long; On Nymex, there were actual trades in minus in which sellers were actually paying buyers to lift stocks

ICICI Bank confirms exposure to Singapore-based oil trader Hin Leong

The Bank did not elaborate the extent of its exposure and the steps it is taking to protect its interest

Oil firms float finished fuel products on Arabian Sea as demand slumps

They're running out of storage space on land and their refineries are running only at 50% of capacity; US Oil futures touch an unprecedented negative pricing

Total oil curbs could remove 19.5 mn barrels from market every day: Saudi

The OPEC+ alliance, led by Riyadh and Moscow, agreed on Sunday to slash daily production by 9.7 million bpd over the next two months

Oil jumps as Opec, Russia agree to end price war in a record deal

The meeting between Opec producers and allies was held on Sunday via videoconference in a last effort to establish a deal

Oil price war ends with historic OPEC+ deal to cut global crude output

The slash is about 10% of global supply

Global deal to cut oil production in sight after Mexico signs up

Even more countries, including the US, were discussing Friday their own cuts in what would be an unprecedented global pact to stabilise the market.