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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+.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT ABOVE $49
2021, August, 2, 12:19:00
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: NOT ABOVE $49
2021, August, 2, 12:18:00
ИНВЕСТИЦИОННЫЕ ПРОЕКТЫ УГОЛЬНЫХ ПРЕДПРИЯТИЙ РОССИИ
Команда Восток Капитал подготовила отчет по инвестиционным проектам угольных предприятий России, в котором представлены: Проекты по строительству новых угольных шахт и обогатительных фабрик Проекты по реконструкции существующих угольных разрезов Проекты по строительству и реконструкции морских портов и сопутствующей инфраструктуры
OIL PRICE: NOT ABOVE $49
2021, August, 2, 12:15:00
NOVATEK PRODUCTION +7.8%
In the second quarter 2021, NOVATEK’s hydrocarbon production totaled 156.6 million barrels of oil equivalent (boe)
OIL PRICE: NOT ABOVE $49
2021, August, 2, 12:10:00
U.S. RIGS DOWN 3 TO 488
U.S. Rig Count is down 3 from last week to 488, Canada Rig Count is up 4 from last week to 153.
OIL PRICE: NOT ABOVE $49
2021, July, 30, 08:40:00
OIL PRICE: ABOVE $75
Brent fell 45 cents, or 0.6%, to $75.60 a barrel, WTIfell 43 cents, or 0.6%, to $73.19 a barrel.
OIL PRICE: NOT ABOVE $49
2021, July, 30, 08:35:00
RUSSIA'S NUCLEAR FOR EGYPT
Al-Araby Al-Jadeed reported on 19 July that Egypt had suspended planned meetings with Rosatom, again citing tensions over GERD.
OIL PRICE: NOT ABOVE $49
2021, July, 30, 08:30:00
AMR NUCLEAR FOR BRITAIN
“With over 50 years’ experience of operating the world’s only commercial fleet of gas-cooled nuclear reactors, as well as sodium fast, steam generating heavy water and light water reactors, the UK uniquely boasts the skills, talent and capability to deliver advanced nuclear technologies and the entire supply chain that enables them.
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