RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2021-11-02 14:00:00

OIL PRICE: NEAR $85

OIL PRICE: NEAR $85

REUTERS - Nov 2   - Oil rose towards $85 a barrel on Tuesday, not far from a multi-year high, supported by signs that supply from OPEC and other producers is falling short as demand recovers from the worst of the pandemic.

The increase in OPEC's oil output in October undershot the rise planned under a deal with allies, a Reuters survey found on Monday, due to involuntary outages and limited capacity in some smaller producers.

Brent crude gained 20 cents, or 0.2%, to $84.91 a barrel by 0910 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 14 cents, or 0.2%, to $84.19.

"Global oil demand is healthy and supply is trying to play catch-up," said Tamas Varga of oil broker PVM. "These efforts are not producing results."

The price of Brent has surged more than 60% in 2021, hitting a three-year high of $86.70 last week as demand recovers and the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+, eases record output cuts slowly.

"Demand for crude oil is expected to rise as winter months approach," said Naeem Aslam of Avatrade. "On the other hand, supply is expected to remain the same."

OPEC+, which cut output by 9.7 million barrels per day or about 10% of daily demand in 2020, has been sticking to gradual, monthly production increases of 400,000 bpd, despite calls for more from the United States and other consumers.

The alliance is expected to do just that at its next meeting, scheduled for Thursday. 

Limiting the gain in prices were expectations this week's snapshot of U.S. supply will show another rise in crude inventories. Analysts in a Reuters poll see an increase of 1.6 million barrels.

Industry group the American Petroleum Institute releases the first of this week's two supply reports at 2030 GMT.

 

-----


Earlier:

OIL PRICE: NEAR $85
2021, November, 1, 14:00:00
OIL PRICE: NEAR $84 YET
Brent dropped 46 cents, or 0.6%, to $83.26 a barrel, WTI slid 64 cents, or 0.8%, to $82.93.
OIL PRICE: NEAR $85
2021, November, 1, 13:55:00
ЦЕНА URALS: $67,51
Средняя цена на нефть марки Urals в январе-октябре 2021 года сложилась в размере $67,51 за баррель
OIL PRICE: NEAR $85
2021, November, 1, 13:45:00
OPEC-GECF SUSTAINABLE ENERGY
“Together, OPEC and GECF can count on their respective competencies to ensure that the global economy heals after the devastation of coronavirus and that a reliable and secure energy supply serves humanity like never before,”
OIL PRICE: NEAR $85
2021, October, 29, 14:30:00
OIL PRICE: NOT BELOW $84
Brent rose 21 cents, or 0.3%, to $84.53 a barrel, WTI added 10 cents, or 0.1%, to $82.91.
OIL PRICE: NEAR $85
2021, October, 29, 14:25:00
OPEC+ 400 TBD AGAIN
Ministers from the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies - colectively known as OPEC+ - meet on Nov. 4 to decide output policy.
OIL PRICE: NEAR $85
2021, October, 28, 14:10:00
OIL PRICE: NOT BELOW $83
Brent dropped $1.07, or 1.3%, to $83.51 a barrel, WTI was down $1.20, or 1.5%, at $81.46.
OIL PRICE: NEAR $85
2021, October, 28, 14:00:00
OPEC+ OIL DELIVERIES +400 TBD
OPEC+ has been sticking to its script of bringing on 400,000 b/d of crude to the market each month, with the Saudi energy minister suggesting panic buying is causing much of the market tightness.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NEAR $85
2022, June, 28, 11:44:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
OIL PRICE: NEAR $85
2022, June, 28, 11:43:00
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: NEAR $85
2022, June, 28, 11:40:00
S.KOREAN NUCLEAR SUPPORT
South Korea’s new president, Yoon Suk-yeol, said on 22 June that in order to rebuild the nuclear industry that was “devastated by the previous administration”, the government will allocate KRW92.5 billion ($70 million) from the energy budget for the restoration of nuclear power generation capacity.
OIL PRICE: NEAR $85
2022, June, 28, 11:35:00
U.S. SMR FOR ROMANIA
Romanian company Nuclearelectrica and NuScale will cooperate with the US Trade and Development Agency (USTDA) on a series of engineering and design activities and studies, as well further technical analyses of the Doicești site, a former thermal power plant site which has been identified as a potential location for the SMR plant.
OIL PRICE: NEAR $85
2022, June, 28, 11:30:00
U.S. SOLAR POWER 25%
US Energy Information Administration reports a capacity factor of 25% for solar generation.
OIL PRICE: NEAR $85
2022, June, 28, 11:25:00
AUSTRALIAN SMART ENERGY
As energy is of national importance, a national policy, national rules and regulations are necessary. At the same time, we are facing massive changes in the energy sector.
OIL PRICE: NEAR $85
2022, June, 27, 11:45:49
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.
All Publications »