OPEC and partners are betting on a significant boost in oil demand over the coming months as member states get ready to ramp up oil production. OPEC, Russia, and their allies are planning to increase oil production by 2.1 million bpd by as early as July this year, suggesting the confidence they have
Oil prices appreciated Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) said that world oil demand would fall by 9.46 million barrels per day (bpd) in 2020. OPEC said there will be a decline in demand in its monthly report for September, released on Monday. In its previous
Looking for pre-pandemic consumption as early as Q4- Inventory data remains bullish The price of oil is sitting at just below $43 per barrel Technical factors point higher, and so does the price action in other commodities The price of nearby October crude oil futures on NYMEX rose to a
BAKU (Reuters) – OPEC is set to scrap its planned meeting in April and decide instead whether to extend oil output cuts in June when the market will be able to assess the full impact of U.S. sanctions on Iran and the crisis in Venezuela. A ministerial panel of OPEC