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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
OPEC again cuts 2021 oil demand view, sees H2 pickup
Markets

OPEC again cuts 2021 oil demand view, sees H2 pickup

  • Cuts 2021 oil demand growth forecast to 5.79 mln bpd.
  • OPEC January output rises by 180,000 bpd.
  • Lifts 2021 economic growth view, but sees oil demand lag.
  • Sees higher demand for OPEC crude and cuts shale forecast.
Published 11 Feb, 2021 07:51pm
Oil drops after strong rally, demand hopes limit losses
Markets

Oil drops after strong rally, demand hopes limit losses

  • Asian shares rested at record highs on Thursday as investors digested recent meaty gains, though the promise of endless free money to sustain buying was reaffirmed by benign US inflation data and a very dovish outlook from the Federal Reserve.
Published 11 Feb, 2021 10:02am