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2020-12-04 12:40:00

OIL PRICE: ABOVE $49

OIL PRICE: ABOVE $49

REUTERS - DECEMBER 4, 2020Oil prices jumped around 2% on Friday, heading for a fifth week of gains, as major producers agreed on a compromise to continue some cuts to production to cope with coronavirus-hit demand even though these fell short of expectations.

Brent was up $1.04, or 2.1%, at $49.75 a barrel by 0555 GMT after gaining around 1% on Thursday. West Texas Intermediate rose 84 cents, or 1.8% to stand at $46.48 a barrel.

OPEC and Russia on Thursday agreed to ease deep oil output cuts from January by 500,000 barrels per day, but failed to come to a compromise on a broader policy for the rest of next year.

“OPEC+ clearing the hurdle of exiting its current cuts in a coordinated way ... reinforces our conviction in a steady and sustainable rally in oil prices through 2021,” Goldman Sachs said in a report after the decision.

The increase means the Organization of the Petroleum Exporting Countries (OPEC) and Russia, a group known as OPEC+, are set to reduce production by 7.2 million bpd, or 7% of global demand from January, compared with current cuts of 7.7 million bpd.

OPEC+ was expected to continue existing cuts until at least March, after backing down from plans to raise output by 2 million bpd.

Also supporting prices, a bipartisan $908 billion coronavirus aid plan gained momentum in the U.S. Congress.

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Earlier:

OIL PRICE: ABOVE $49
2020, December, 3, 12:00:00
OIL PRICE: NOT ABOVE $49
Brent was up 21 cents, or 0.4%, at $48.46 a barrel . WTI was 11 cents, or 0.2%, higher at $45.39 a barrel.
OIL PRICE: ABOVE $49
2020, December, 2, 14:45:00
OIL PRICE: NOT ABOVE $48
Brent were down 9 cents, or 0.2%, at $47.33 a barrel . WTI was down 11 cents, or 0.3%, at $44.44.
OIL PRICE: ABOVE $49
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.
OIL PRICE: ABOVE $49
2020, December, 1, 13:30:00
OIL PRICE: NEAR $48
Brent was up 31 cents at $48.19 a barrel . WTI was up 28 cents at $45.62.
OIL PRICE: ABOVE $49
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.
OIL PRICE: ABOVE $49
2020, November, 30, 12:00:00
OPEC+ RUSSIA CONSENSUS
Saudi Arabia and Russia had invited ministers on the nine-country monitoring committee that they co-chair to informal discussions to hash out positions ahead of the official meeting.
OIL PRICE: ABOVE $49
2020, November, 30, 11:55:00
OPEC+ RUSSIA EXTENSION
The fact that US shale is not recovering strongly is further cause for Russia to continue to support ongoing cooperation within OPEC+.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $49
2021, July, 9, 12:04:00
HYDROGEN RUSSIA AND CIS, Moscow, 20-21 October 2021
International Conference and Exhibition ‘Hydrogen Russia and CIS’ brings together more than 200 senior executives of hydrogen production plants from Russia and the CIS
OIL PRICE: ABOVE $49
2021, July, 9, 12:00:00
ARGENTINA'S NUCLEAR SMR
Before work was suspended, it was in line to be the world’s first operating SMR. The government licensed it as a prototype in 2009.
OIL PRICE: ABOVE $49
2021, July, 9, 11:55:00
CHILE'S COAL GENERATION DOWN
In June 2021, the Chamber of Deputies of Chile has approved a bill that prohibits the installation and operation of coal-fired power plants.
OIL PRICE: ABOVE $49
2021, July, 8, 12:50:00
OIL PRICE: NEAR $73
Brent slipped by 23 cents, or 0.3%, to $73.20 a barrel, WTI were down 33 cents, or 0.5%, at $71.87 a barrel.
OIL PRICE: ABOVE $49
2021, July, 8, 12:45:00
OIL PRICES 2021-22: $72-$67
We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices similar to current levels, averaging $72/b during the second half of 2021 (2H21).
OIL PRICE: ABOVE $49
2021, July, 8, 12:40:00
EUROPE CLIMATE RULES
According to draft proposals seen by market sources, the CBAM will replace the current system of free carbon allowances for metals sectors, and tighten allowances in the European Emissions Trading System generally, a bone of contention for some.
OIL PRICE: ABOVE $49
2021, July, 8, 12:35:00
ASIA INDEXES DOWN ANEW
The Hang Seng index (.HSI) led losses with a 1.9% drop, its eighth consecutive session in the red, with more falls in internet giants Tencent (0700.HK), Meituan (3690.HK) and Alibaba (9988.HK) as the sector reels from sweeping Chinese regulatory scrutinty.
All Publications »