2020-12-21 13:05:00
DEAL OF OPEC, RUSSIA, SAUDI ARABIA
MEOG - Dec 20, 2020 - Russia and Saudi remain committed to the OPEC+ deal on production cuts, said Russian Deputy Prime Minister Alexander Novak, the nation's former energy minister, following a meeting in Riyadh.
"Today, my friend and colleague and I discussed cooperation in the OPEC+ multilateral format, and joint action and coordination in the international market. We reaffirmed our commitment to the agreements, which are in effect to date, and to our cooperation, which is, first and foremost, aimed at the market recovery at the soonest possible time and at reaching a balance," he said, according to Russian news agency TASS.
OPEC and its allies are set to meet on 4 January, to determine production levels for the following month.
The production cuts held renewed importance this year as demand was slashed due to the coronavirus pandemic. Many OPEC members and allies rely upon oil to power their economies, so a recovery from the pandemic, and rising demand would be welcome developments.
OPEC plans to meet every month to re-evaluate market conditions, with hopes to increase oil production later in 2021.
-----
Earlier:
2020, December, 18, 12:00:00
OPEC+ STABILITY
At the coalition's last meeting Dec. 3, OPEC+ members agreed to raise collective output by about 500,000 b/d from January and to convene monthly to determine subsequent levels.
2020, December, 9, 11:45:00
OIL PRICES 2021: $47 - $50
Brent prices will average $49/b in 2021, up from an expected average of $43/b in the fourth quarter of 2020. Brent prices will average $47/b in the first quarter of 2021 and rise to an average of $50/b by the fourth quarter.
2020, December, 7, 13:20:00
RUSSIA OIL PRODUCTION WILL UP
"Russia's increase starting January is around 125,000 b/d, we discussed it with oil companies," Novak said during the OPEC+ press conference.
2020, December, 2, 14:40:00
RUSSIA'S OIL PRODUCTION 10 MBD
November production was down 11% on the year at 46.07 million mt, or around 11.26 million b/d. This was due to deeper output cuts under the OPEC+ agreement in 2020 compared with 2019.
2020, December, 1, 13:25:00
OPEC: OIL DEMAND GROWTH 6.1 MBD: 2021
Next year, the global economy is forecast to return to growth, expanding by an estimated at 4.4%, and oil demand growth is expected to be high, in the tune of 6.1 mb/d.
2020, November, 27, 11:30:00
SAUDI ARABIA'S CARBON CONCEPTION
The circular carbon economy concept has been endorsed by G20 member states but has yet to be put into practice, and the kingdom has not revealed any timelines or targets associated with the plan.
2020, November, 20, 13:30:00
SAUDI ARABIA, RUSSIA OIL FOR CHINA
Saudi Arabia was catching up with Russia which has exported about 1.7 million bpd of oil to China so far in 2020, with Iraq at a third place with about 1.2 million bpd.
