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2020-12-03 12:00:00

OIL PRICE: NOT ABOVE $49

OIL PRICE: NOT ABOVE $49

REUTERS - DECEMBER 3, 2020 - Oil prices rose on Thursday as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the COVID-19 pandemic.

Brent crude was up 21 cents, or 0.4%, at $48.46 a barrel by 0802 GMT, after gaining 1.8% on Wednesday. U.S. oil was 11 cents, or 0.2%, higher at $45.39 a barrel, having ended 1.6% higher the previous session.

The Organization of the Petroleum Exporting Countries (OPEC) and Russia are resuming discussions on Thursday to agree on policies for 2021 after earlier talks produced no compromise on how to tackle weak oil demand amid a new coronavirus wave. 

OPEC and allies, in the group known as OPEC+, had been widely expected to roll over oil cuts of 7.7 million barrels per day, or 8 percent of global supplies, at least until March 2021.

But after hopes for a speedy approval of anti-virus vaccines spurred a rally in oil prices at the end of November, some producers questioned the need to tighten oil policy, which is supported by OPEC leader Saudi Arabia.

"It is still expected that the group will come to a deal," ING Economics said in a note.

Britain approved Pfizer Inc's COVID-19 vaccine on Wednesday, jumping ahead in a global race to start the most crucial mass inoculation programme in history.

In the United States, crude stockpiles fell last week, while gasoline and distillate inventories rose sharply as refiners slowed production amid weakening demand, the Energy Information Administration said on Wednesday. 

Oil stocks fell by 679,000 barrels in the week to Nov. 27, by less than the 2.4 million-barrel decline forecast in a Reuters poll of analysts.

Gasoline stocks increased by 3.5 million barrels, while distillate inventories were up by 3.2 million barrels.

Adding to international supplies, Venezuela's crude exports almost doubled last month, according to data from the state-run PDVSA and Refinitiv Eikon.

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Earlier:

OIL PRICE: NOT 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: NOT 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: NOT 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: NOT 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: NOT ABOVE $49
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.
OIL PRICE: NOT 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: NOT 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+.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT ABOVE $49
2022, November, 30, 11:29:00
INTERNATIONAL CONGRESS AND EXIBITION TURKEY & BLACK SEA OIL AND GAS
International Congress and Exhibition Turkey & Black Sea Oil and Gas is an international, professional platform, bringing together over 200 C-suite executives from vertically integrated oil companies, general directors, CTOs of oil refineries, gas processing plants and petrochemical facilities, initiators of investment projects on oil and gas extraction from Turkey and countries of the Black Sea area, officials of regulatory authorities, licensors of production technologies and world suppliers for the industry.
OIL PRICE: NOT ABOVE $49
2022, November, 30, 11:28:00
TRANSPORTATION OIL AND GAS CONGRESS 2023 (TOGC 2023)
Transportation Oil and Gas Congress 2023 (TOGC 2023) takes place on February 20-21, 2023. The Congress brings together representatives from the whole pipeline chain and focuses on both strategic and technical issues of the oil and gas pipeline transportation.
OIL PRICE: NOT ABOVE $49
2022, November, 30, 11:27:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
OIL PRICE: NOT ABOVE $49
2022, November, 30, 11:25:00
QATAR LNG FOR GERMANY
Qatar, one of the world's largest LNG exporters, has been courted by European countries, including Germany and the UK, in recent months as they seek improved gas supply security amid stubbornly high prices.
OIL PRICE: NOT ABOVE $49
2022, November, 30, 11:20:00
BRITAIN'S NUCLEAR INVESTMENT
The plan is for Sizewell C to feature two EPRs producing 3.2 GW of electricity, enough to power the equivalent of around six million homes.
OIL PRICE: NOT ABOVE $49
2022, November, 30, 11:15:00
CANADA'S SMR DEVELOPMENT
The ARC-100 has also been selected for a demonstration project at NB Power's existing Point Lepreau nuclear power plant site as part of a joint strategic plan for SMR deployment set out earlier this year by the provincial governments of Ontario, Saskatchewan, New Brunswick and Alberta Canada’s SMR Roadmap.
OIL PRICE: NOT ABOVE $49
2022, November, 30, 11:10:00
UZBEKISTAN'S URANIUM RISE
The new agreement lays the foundations of an "exclusive strategic alliance for the development of new uranium mines in Uzbekistan, beyond the Djengeldi project" and is a "significant broadening of the scope of the collaboration", Orano said.
All Publications »