LONDON OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year, according to internal OPEC research seen by Reuters.
LONDON/DUBAI/MOSCOW OPEC and allies such as Russia agreed on Wednesday to ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic but said a second wave of the virus could complicate rebalancing in the market.
LONDON/DUBAI The oil market is getting closer to balance as demand gradually rises, OPEC's secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August.
DUBAI Saudi Arabia's oil exports in August will remain the same as in July as the extra barrels the kingdom is set to pump next month under an OPEC+ deal will be consumed domestically to meet rising power generation demand, industry sources told Reuters.
LONDON/DUBAI Abu Dhabi National Oil Company (ADNOC) plans to boost its oil exports in August, the first signal that OPEC and its allies are preparing to ease record oil output cuts next month, three sources familiar with the development told Reuters.
DUBAI/ LONDON Angola has agreed with OPEC to comply fully with a global pact on supply curbs and will compensate for previous overproduction by cutting more from July to September, two OPEC sources said.
DUBAI/LONDON Angola is resisting pressure by OPEC for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said.
DUBAI/LONDON, July 2 Angola is resisting
pressure by OPEC's de-facto leader Saudi Arabia for a steeper
oil output cut to comply fully with record supply curbs, OPEC
and industry sources said.
DUBAI, July 1 The United Arab Emirates’ Brooge
Petroleum and Gas Investment Co (BPGIC) said on Wednesday that
it was moving ahead with its oil storage expansion plans as
there has been a limited impact from the coronavirus pandemic on
the company's operations.
LONDON OPEC and Russia will likely ease record oil production cuts from August as global oil demand recovers and prices have bounced back from their lows, four OPEC+ sources told Reuters.