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2020-12-25 10:40:00

OPEC+ RISSIA OIL PRICE: $45 - $55

OPEC+ RISSIA OIL PRICE: $45 - $55

REUTERS - DECEMBER 25, 2020Russia expects to support an increase in oil production by the group, known as OPEC+, of another 500,000 barrels per day (bpd) from February at next month’s summit of the leading global oil producers, Russian Deputy Prime Minister Alexander Novak said.

Oil prices are trading above $50 per barrel, after coming under pressure this week from concerns new fast-spreading variants of the coronavirus will lead to reduced fuel demand.

In comments, cleared for publication on Friday, Novak also said that Moscow views an oil price between $45 and $55 per barrel as the optimum level to allow for recovery of its oil production, which has been significantly reduced as part of the OPEC+ supply deal.

Russia, other leading oil producers and the Organization of the Petroleum Exporting Countries, a group known as OPEC+, agreed to reduce output to support the global oil market as the COVID-19 pandemic has weakened fuel demand.

Since the agreement on a record global supply cut in April, OPEC+ has progressively reduced the cuts and is expected in January to release an extra 500,000 bpd into the market.

The group holds its next online summit on Jan. 4, when it is expected to discuss whether to release another 500,000 bpd in February.

“If the situation stays normal and stable, we will support this position (increase by 500,000 bpd),” Novak told reporters at a briefing held in the government’s headquarters.

He said Russia supported a gradual production rise to avoid jolting the market. OPEC+ had initially agreed to increase its production by 2 million bpd starting from January, but decided on a smaller increase at its meeting earlier this month.

Novak said earlier this month the cumulative output increase by the OPEC+ group will reach a planned 2 million bpd by April, barring any unforeseen events.

OPEC+ agreed to cut its combined output by an unprecedented almost 10 million bpd, or 10% of global pre-crisis demand, in April. Of that, Russia pledged to cut more than 2 million bpd.

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Earlier:

OPEC+ RISSIA OIL PRICE: $45 - $55
2020, December, 24, 13:45:00
OIL PRICE: NEAR $51
Brent rose 17 cents, or 0.3%, to $51.37 a barrel. WTI increased 10 cents, or 0.2%, to $48.22.
OPEC+ RISSIA OIL PRICE: $45 - $55
2020, December, 23, 13:30:00
OIL PRICE: NEAR $50
Brent were down 38 cents, or 0.8%, to $49.70 a barrel . WTI fell 40 cents, or 0.9%, to $46.62 a barrel.
OPEC+ RISSIA OIL PRICE: $45 - $55
2020, December, 23, 13:10:00
WORST U.S. SHALE
Shale producers were hit hard after borrowing to expand production and slashed spending and output to cut losses.
OPEC+ RISSIA OIL PRICE: $45 - $55
2020, December, 22, 13:50:00
OIL PRICE: NOT BELOW $50 ANEW
Brent were down 88 cents, or 1.7% to $50.03 a barrel. WTI fell 92 cents, or 1.9%, to $47.05 a barrel.
OPEC+ RISSIA OIL PRICE: $45 - $55
2020, December, 22, 13:45:00
OPEC+ RUSSIA EXTENSION
"The OPEC+ deal has been with us for almost nine months and will continue until April 2022, but it can be extended until the end of 2022," Prince Abdulaziz said, adding that market skeptics and speculators will remain "on their toes".
OPEC+ RISSIA OIL PRICE: $45 - $55
2020, December, 21, 13:05:00
DEAL OF OPEC, RUSSIA, SAUDI ARABIA
"Today, my friend and colleague and I discussed cooperation in the OPEC+ multilateral format, and joint action and coordination in the international market.
OPEC+ RISSIA OIL PRICE: $45 - $55
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.
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Tags: OPEC, RUSSIA, OIL, PRICE,