Report

rss

Iraq News

Kurdistan

Economy

World

All News

Oil prices rise ahead of OPEC+ meeting

Category: Economy

Date: 2021-03-31T06:05:09+0000
Oil prices rise ahead of OPEC+ meeting
Shafaq News / Oil prices rose on Wednesday, paring overnight losses a day ahead of a meeting of OPEC and its allies, with investors betting the producers will largely agree to extend their supply curbs into May.

Brent crude futures rose 15 cents, or 0.2%, to $64.29 a barrel at 0202 GMT, after falling 1.3% on Tuesday.

U.S. West Texas Intermediate (WTI) crude futures jumped 15 cents, or 0.3%, to $60.70 a barrel, after falling 1.6% in the previous session.

"The expectation is OPEC+ is going to show supply discipline, so that's pivoting the market," said Commonwealth Bank commodities analyst Vivek Dhar.

The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are set to meet on Thursday, following a month in which oil prices have whipsawed on concerns about extended pandemic lockdowns in Europe, slow vaccine rollouts and rising COVID-19 cases in India and Brazil, pitted against growing optimism on growth in the United States.

OPEC+ last month surprised the market by agreeing to agreed to extend supply curbs, with small exceptions for Russia and Kazakhstan, at a time when fuel demand appeared to be recovering.

Under existing curbs, OPEC, led by Saudi Arabia, and non-OPEC producers, led by Russia, have cut just over 7 million barrels per day (bpd), while Saudi Arabia has made an additional voluntary reduction of 1 million bpd.

Saudi Arabia is prepared to back an extension of the supply cuts into June, including its own voluntary cut, to boost prices, a source briefed on the matter told Reuters this week.

Adding to the view that they should hold back supply, data from the American Petroleum Institute industry group on Tuesday showed U.S. crude oil stocks rose by 3.9 million barrels in the week to March 26, well above analysts' forecasts in a Reuters' poll for a build of about 100,000 barrels.

Data on U.S. inventories are due on Wednesday from the U.S. Energy Information Administration.

related

Iraq boosts oil production as OPEC+ loosens cuts

Date: 2022-01-12 08:03:51
Iraq boosts oil production as OPEC+ loosens cuts

Despite its financial crisis Iraq still committed to OPEC agreement

Date: 2020-11-30 10:24:23
Despite its financial crisis Iraq still committed to OPEC agreement

OPEC+ to boost production in August

Date: 2021-06-29 15:23:11
OPEC+ to boost production in August

Oil production slightly fall in June amid tighter quota compliance

Date: 2021-07-11 10:15:04
Oil production slightly fall in June amid tighter quota compliance

OPEC+ compliance slips to 99% in December

Date: 2021-01-25 09:05:20
OPEC+ compliance slips to 99% in December

Opec expects Delta variant to delay oil demand growth

Date: 2021-09-13 14:27:52
Opec expects Delta variant to delay oil demand growth

OPEC+ hikes October output by 480,000 b/d

Date: 2021-11-09 06:56:46
OPEC+ hikes October output by 480,000 b/d

Iraqi Ministry of Oil: Iraq is more than 100% committed to OPEC+ cuts agreement

Date: 2020-09-02 20:14:17
Iraqi Ministry of Oil: Iraq is more than 100% committed to OPEC+ cuts agreement