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Organization of the Petroleum Exporting Countries

Oil guzzler India says OPEC+ decision to hit economic recovery
Markets

Oil guzzler India says OPEC+ decision to hit economic recovery

  • As one of the largest crude-consuming countries, India is concerned that such actions by producing countries have the potential to undermine consumption-led recovery and more so hurt consumers, especially in our price-sensitive market.
  • "The decision by OPEC+ has saddened us. It is not good news for India, China, Japan, Korea and other consuming nations," Pradhan said.
Published 05 Mar, 2021 08:32pm
Oil surges $2 after OPEC+ extends output cuts
Markets

Oil surges $2 after OPEC+ extends output cuts

  • Saudi Arabia surprises with continued voluntary cuts.
  • OPEC+ producers keep curbs, agree only small output boost.
  • Decision could affect oil inventories into 2022.
  • Brent and WTI on track for weekly gains.
Published 05 Mar, 2021 08:28pm
OPEC president says oil market rebalancing, pandemic still a risk
Markets

OPEC president says oil market rebalancing, pandemic still a risk

  • "Crude prices are relatively stable ... we see a certain balance between demand and supply," OPEC president Diamantino Azevedo told.
  • "The production levels that were desirable at the time of the latest adjustment could naturally be affected downward due to ... the COVID-19 pandemic and its variants," he added.
Published 02 Mar, 2021 08:03pm