2020-12-01 13:30:00
OIL PRICE: NEAR $48
REUTERS - DECEMBER 1, 2020 - Oil prices ticked up on Tuesday, with early European trading erasing earlier losses, as all eyes were on talks between OPEC and its allies who postponed a formal meeting to decide whether to increase output from next month.
Brent crude was up 31 cents at $48.19 a barrel by 0847 GMT. West Texas Intermediate was up 28 cents at $45.62.
Both contracts surged around 27% in November after COVID-19 vaccine developments raised hopes of an economic recovery that could revive fuel demand.
OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other allies, delayed talks on output policy for next year until Thursday, sources told Reuters, as important players had not reached consensus.
It had been scheduled to meet on Tuesday.
"The group needs to extend the deal in order to ensure that the market continues to draw down inventories over the first quarter of next year," ING Economics said in a note.
"Vaccine developments are unlikely to significantly change the demand outlook in the next couple of months."
The group was due to ease current production cuts by 2 million barrels per day (bpd) from January.
But with demand still under pressure from the pandemic, OPEC+ was considering extending current cuts into the first months of next year, a position backed by de facto OPEC leader Saudi Arabia, sources said.
"The group will probably find some face-saving compromise, with a short extension being the most likely outcome followed by a phased production return," said Helima Croft at Royal Bank of Canada.
"Nonetheless this latest fracas does not bode well for collective cohesion in 2021 as vaccine optimism abounds and producers anticipate a strong recovery."
A Reuters poll of 40 economists and analysts forecast Brent would average $49.35 a barrel next year.
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Earlier:
2020, November, 30, 12:05:00
OIL PRICE: NOT BELOW $47 ANEW
Brent dropped 46 cents, or 1%, to $47.72 a barrel . WTI fell 48 cents, or 1.1%, to $45.05 a barrel.
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.
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+.
2020, November, 27, 12:00:00
OIL PRICE: NOT BELOW $47
Brent was down by 10 cents at $47.70 . WTI was down by 86 cents, or 1.9%, at $44.85.
2020, November, 26, 12:20:00
OIL PRICE: NOT BELOW $48 ANEW
Brent were down 1 cent at $48.60 a barrel . WTI was off by 4 cents at $45.67 a barrel.
2020, November, 25, 12:05:00
OIL PRICE: NOT BELOW $48
Brent was up 44 cents, or 0.9%, at $48.30 a barrel . WTI gained 33 cents, or 0.7%, to $45.24.
2020, November, 24, 12:45:00
OIL PRICE: BELOW $47
Brent rose 45 cents, or 1%, to $46.51 a barrel . WTI added 46 cents, or 1.1%, to $43.52.
Chronicle:
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
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.
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.
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.
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).
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.
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.